There’s a flashing red warning sign hitting one of the biggest segments of the US economy: the housing market.

Existing home sales fell for the eighth straight month in September. That’s the longest slump since 2007, just months before the US housing crisis hit a fever pitch and crashed the US economy as foreclosures piled up.

The sharp slowdown in existing home sales has been driven by surging mortgage rates, with the average 30-year fixed rate topping 7.3%, according to the most recent data from Mortgage News Daily. And there are no signs that rates will soften anytime soon, as the Federal Reserve gears up for two more 75 basis points rate hikes in November and December.

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