National Association of Home Builders CEO: 'We've Given Birth to a Housing Recession'

National Association of Home Builders CEO Jerry Howard offered up a pessimistic view of the U.S. economy during a Monday appearance on the Fox Business Network.

A transcript is as follows: 

STUART VARNEY: In September, homebuilders confidence fell for the ninth straight month all the way down to its lowest level since May of 2020. Perfect storm, Jerry. Interest rates are going up, supply chain problem, prices going up. It’s a real bad time for you, isn’t it?

JERRY HOWARD: It’s a real bad time, nine straight months down. We’ve given birth to a housing recession.

VARNEY: Do you expect any bottom soon or is this going to be dwindling down for some time?

HOWARD: This recession could be cured by policymakers, so I expect we’re going to stay at bottom, and maybe go a little lower right up until we see the outcome of the midterm elections. Policy is what can get us out of this.