How the Fed’s escalating fight against inflation is hitting the hot housing market

The Covid-19 pandemic caused chaos in the U.S. housing market, with prices skyrocketing, inventories dwindling and intense bidding wars.Then came record inflation, which drove the price of everything higher.The U.S. Federal Reserve, though, is waging an intense fight against rising prices, using interest rates as its primary weapon.A side effect of raising interest rates, though,…