{"id":144869,"date":"2022-09-23T12:57:44","date_gmt":"2022-09-23T18:57:44","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=144869"},"modified":"2023-08-08T15:31:21","modified_gmt":"2023-08-08T21:31:21","slug":"the-fed-wants-a-housing-correction","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/the-fed-wants-a-housing-correction","title":{"rendered":"The Fed Basically Admitted It. They Want a Housing Correction"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm?e=BIGPOC5035980033&#038;light=false\" width=\"100%\"><\/iframe>  \n\n\n\n\n<p><span data-preserver-spaces=\"true\">This week, the Federal Reserve hiked the federal funds interest rate 75 basis points, which was widely expected. But there is more to Fed meetings than the headline rate hikes, and this particular meeting provided us with new data and insights that show the clearest picture yet of the Fed\u2019s intended course.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">We now have a much clearer picture of what lies ahead for interest rates, the economy, and the housing market. Below, I\u2019ll examine everything we learned from the Fed meeting and the crucial news information every real estate investor needs to pay attention to.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What We Learned About <span data-preserver-spaces=\"true\">Interest Rates<\/span><\/h2>\n\n\n\n<p><strong><em><span data-preserver-spaces=\"true\">Big Takeaway:<\/span><\/em><\/strong><em><span data-preserver-spaces=\"true\">&nbsp;Interest rates are up and will likely stay up for a year or more.&nbsp;<\/span><\/em><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The most notable announcement of every Fed meeting is what happens to the federal funds rate, a short-term interest rate that banks use to lend to one another. This is the only interest rate the Fed actually controls, but it has big implications for other interest rates like those on mortgages and bonds.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The Fed raised rates by 75 basis points (a basis point = .01%, so a 75 basis point hike is 0.75%,) and the federal funds rate, which is a range, is now between 3%-3.25%.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">In addition to this immediate hike, we now know that rates will likely climb higher in the coming months and into next year. How do we know this? The Fed tells us! Not many people look at this, but the Fed actually releases a&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/files\/fomcprojtabl20220921.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Summary of Economic Projections<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;after every meeting, which tells you where they\u2019re heading. It\u2019s important to read, but I know most people don\u2019t want to pour through this data, so I\u2019ll do it for you.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The most important chart, in my opinion, is known as \u2018the dot plot\u2019 because it shows where each Fed official thinks interest rates should be over the coming years. The dot plot itself can be a little confusing to look at, so here is a summary of it that shows the median expectations of Fed officials for the coming years:&nbsp;<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1168\" height=\"450\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/fredgraph-20.png\" alt=\"FOMC Summary of Economic Projections for the Federal Funds Rate\" class=\"wp-image-144874\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/fredgraph-20.png 1168w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/fredgraph-20-300x116.png 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/fredgraph-20-1024x395.png 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/fredgraph-20-768x296.png 768w\" sizes=\"auto, (max-width: 1168px) 100vw, 1168px\" \/><figcaption class=\"wp-element-caption\"><em>FOMC Summary of Economic Projections for the Federal Funds Rate (2022-2025) &#8211; St. Louis Federal Reserve<\/em><\/figcaption><\/figure>\n\n\n\n<p><span data-preserver-spaces=\"true\">The Fed expects the federal funds rate to be 4.4% by the end of 2022. Then it will rise to 4.6% in 2023 before falling in 2024 and 2025. Of course, these are just projections, and the Fed will be looking at tons of economic data in the coming months to set monetary policy, but it\u2019s important to understand that the Fed is intentionally signaling to the world that they are going to keep rates high.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Higher rates have huge implications for the housing market, but it\u2019s important to note that when I say \u201chigh rates,\u201d I mean in terms of a recent context. In a historical context, rates are very low.&nbsp;<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1168\" height=\"450\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/fredgraph-21.png\" alt=\"historical interest rates\" class=\"wp-image-144875\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/fredgraph-21.png 1168w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/fredgraph-21-300x116.png 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/fredgraph-21-1024x395.png 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/fredgraph-21-768x296.png 768w\" sizes=\"auto, (max-width: 1168px) 100vw, 1168px\" \/><figcaption class=\"wp-element-caption\"><em>Federal Funds Effective Rate (1955-2022) &#8211; St. Louis Federal Reserve<\/em><\/figcaption><\/figure>\n\n\n\n<p><span data-preserver-spaces=\"true\">But recent context matters. We\u2019ve been in a low-interest rate environment for a very long time. These higher rates coming so quickly are a big shock to the economy.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What We Learned About <span data-preserver-spaces=\"true\">Mortgage Rates<\/span><\/h2>\n\n\n\n<p><strong><em><span data-preserver-spaces=\"true\">Big Takeaway:<\/span><\/em><\/strong><em><span data-preserver-spaces=\"true\">&nbsp;Mortgage rates will likely rise from this news, but the pace of growth will likely slow.<\/span><\/em><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">If you\u2019re expecting mortgage rates to shoot much higher than they are currently (between 6%- 6.50%), that might not necessarily happen. Rates will likely rise in the coming months, but at a slower pace than they have thus far in 2023. Some analysts even believe rates will come down in 2023. Here\u2019s the thinking:&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">First, <a href=\"https:\/\/www.biggerpockets.com\/loans\" target=\"_blank\" rel=\"noreferrer noopener\">mortgage lenders<\/a> are <a href=\"https:\/\/www.biggerpockets.com\/blog\/rising-interest-rates-challenge-investors\" target=\"_blank\" rel=\"noreferrer noopener\">forward-looking<\/a>. They don\u2019t wait for the Fed to raise rates to increase mortgage rates. They set mortgages to the rates they think are coming over the coming years. Even though the rate hike was announced in late September 2022, mortgage providers have been expecting this for months and have been setting rates for borrowers based on what they expect the Fed to do in the future. So rates will likely rise from this new data but will not likely rise linearly as the Fed raises rates.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Secondly, mortgage rates are not dictated by the federal funds rate and are actually more closely tied to the yield on the 10-year Treasury bond. Just look at the red and green lines on the chart below. They move in lockstep (for my fellow nerds out there, the correlation is nearly .99!)<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1168\" height=\"450\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/fredgraph-23.png\" alt=\"Federal Funds Effective Rate compared with Market Yield on U.S. Treasury Securities and 30-Year Fixed-rate Mortgage Averages (1955-2022)\" class=\"wp-image-144879\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/fredgraph-23.png 1168w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/fredgraph-23-300x116.png 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/fredgraph-23-1024x395.png 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/fredgraph-23-768x296.png 768w\" sizes=\"auto, (max-width: 1168px) 100vw, 1168px\" \/><figcaption class=\"wp-element-caption\"><em>Federal Funds Effective Rate compared with Market Yield on U.S. Treasury Securities and 30-Year Fixed-rate Mortgage Averages (1955-2022) &#8211; <a href=\"https:\/\/fred.stlouisfed.org\/series\/DFF#\" target=\"_blank\" rel=\"noreferrer noopener\">St. Louis Federal Reserve<\/a><\/em><\/figcaption><\/figure>\n\n\n\n<p><span data-preserver-spaces=\"true\">The spread between yields and mortgage rates averages 170 basis points (1.7%) and exists due to the relative risks of mortgages. If you\u2019re a bank and can earn 4% lending to the government (that\u2019s what a bond is, and it\u2019s largely considered the safest investment in the world), then you need to earn more if you\u2019re going to lend to a homeowner to compensate for the increased risk. You may pay your bills, but homeowners, in general, are less creditworthy than the U.S. government, and banks will charge you for that.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">As I said, the spread has averaged 170 basis points, but I did an analysis, and the current spread is actually much higher than that average, at 232 basis points.&nbsp;<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"512\" height=\"338\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/spread-between-T-yields.png\" alt=\"spread between treasury yields\" class=\"wp-image-144877\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/spread-between-T-yields.png 512w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/spread-between-T-yields-300x198.png 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/spread-between-T-yields-340x225.png 340w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><figcaption class=\"wp-element-caption\">Spread Between Treasury Yields and Mortgage Rates (1971-2021)<\/figcaption><\/figure>\n\n\n\n<p><span data-preserver-spaces=\"true\">This increase in the spread is likely due to uncertainty and increased risk in the economy. But if the Fed stays course and inflation starts to come down, I expect this spread to revert to the historical average, which could help moderate mortgage rate increases, or potentially even bring them down modestly in 2023. Mark Zandi, one of the most prominent economists and housing market forecasters in the world,&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/finance.yahoo.com\/news\/housing-market-correction-far-over-095616427.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">expects the average rate for a 30-year fixed-rate mortgage to be 5.5% in 2023.&nbsp;<\/span><\/a><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Mortgage rates are staying relatively high compared to where they\u2019ve been since the great recession and will likely go a bit higher. I wouldn\u2019t be surprised to see rates surpass 7% for a 30-year fixed-rate mortgage, at least for a time. But, I don\u2019t expect the rate to continue upward much beyond the low sevens unless inflation takes a turn for the worse. Of course, I was <a href=\"https:\/\/www.biggerpockets.com\/blog\/housing-market-predictions-review-2022\" target=\"_blank\" rel=\"noreferrer noopener\">really wrong<\/a> about mortgage rates so far in 2022, so take this analysis with a grain of salt.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Fed\u2019s Focus<\/span><\/h2>\n\n\n\n<p><strong><em><span data-preserver-spaces=\"true\">Big Takeaway:<\/span><\/em><\/strong><em><span data-preserver-spaces=\"true\">&nbsp;The Fed cares almost entirely about inflation and is willing to risk job losses, recession, and the housing market to bring it back down.&nbsp;<\/span><\/em><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">With this new data, and an analysis of Fed chairman Jerome Powell\u2019s press conference this week, the Fed\u2019s stance is pretty clear. Inflation reduction is their number one goal, and they are willing to accept economic pain to achieve it.&nbsp;<\/span><\/p>\n\n\n\n<p><a class=\"editor-rtfLink\" href=\"https:\/\/www.federalreserve.gov\/mediacenter\/files\/FOMCpresconf20220921.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">During the press conference,<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;Washington Post reported Rachel Siegel pointed out to Powell that the Fed\u2019s own Summary of Economic projections predicts unemployment to rise to 4.4%\u2014a rate which typically brings about a recession. Here\u2019s how the chairman responded:&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">\u201cWe have always understood that restoring price stability while achieving a relatively modest decline, or rather increase, in unemployment and a soft landing would be very challenging, and we don&#8217;t know, no one knows whether this process will lead to a recession or if so, how significant that recession would be.\u201d<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">That\u2019s the chairman basically saying that reducing inflation will very likely increase job losses and a recession and that the feasibility of a \u201csoft landing\u201d is very questionable. He admits he doesn\u2019t know what will happen. To me, the intent of this response and admission is clear: the Fed is going to attack inflation even if we go into recession or see job losses.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">When asked about housing and the need for the housing market to cool, Powell stated, \u201cwhat we need is supply and demand to get better aligned so that housing prices go up at a reasonable level, at a reasonable pace, and that people can afford houses again, and I think we, so we probably in the housing market have to go through a correction to get back to that place.\u201d&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Again, pretty clear. The Fed is willing to risk a recession, a <a href=\"https:\/\/www.biggerpockets.com\/blog\/the-housing-market-correction-has-begun\" target=\"_blank\" rel=\"noreferrer noopener\">housing market correction<\/a>, and job losses in order to bring down inflation. In fact, if you read the full transcript, it seems Powell isn\u2019t just okay with a housing correction. He&nbsp;<\/span><em><span data-preserver-spaces=\"true\">wants<\/span><\/em><span data-preserver-spaces=\"true\">&nbsp;one. Of course, the Fed could change course, but to me, this press conference and announcement was the clearest sign yet that the Fed is going to hold the line. They are not going to change course to help the housing market or avoid a recession.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">What This All Means<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Over the course of 2022, many investors have been hoping for a Fed \u201cpivot.\u201d Basically, there was a theory that the Fed would raise rates but wouldn\u2019t risk a recession or job losses and would keep rates around 2.5%-3%. To me, this press conference puts that theory to bed once and for all. The Fed is very careful and deliberate about what it says and the data it shares with the world. Everything the Fed is saying right now is they are going to stay aggressive in the fight against inflation, even if it causes economic pain elsewhere in the economy.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The most notable implication of this is housing prices. We all know by now that as rates have risen over the last several months, demand in the housing market is dropping, and prices are facing downward pressure. However, the housing market has held up surprisingly well to that downward pressure. Prices have come down off their June highs but are still up year-over-year in almost every major metro.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Knowing now that mortgage rates will stay high for the foreseeable future will be a major test for the housing market. I was confident the housing market could hold up to rising rates for a few months, but for a few years is another story. 2023 is starting to look like a flat year at best and more likely a down year for housing prices (on a national level). Of course, every market is different, and <a href=\"https:\/\/www.biggerpockets.com\/blog\/zillow-home-price-forecast-2022\" target=\"_blank\" rel=\"noreferrer noopener\">some markets<\/a> will probably keep growing!&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Affordability in the housing market is just too low. And if rates are not going to come down to make homes more affordable, then housing prices are going to have to come down to make homes more affordable.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Even given all this news, I still don\u2019t think we\u2019re heading for a crash (declines of more than 20%). Credit quality is still very good, and inventory is starting to level off.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The second implication is that rent growth could slow down if there is a major recession and job loss. Job losses combined with inflation could cause some household contraction (people move in with friends or family), which lessens demand. Rent is pretty stable and doesn\u2019t really fall much, even in recessions, but I think rent growth will likely slow.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Third, we could see increased foreclosures and evictions, but we\u2019re still a good way off from that. The data shows that delinquencies are very low. That could change, but it doesn\u2019t seem likely to happen in the next couple of months at least.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">So, should you invest in this housing market? I am! These types of markets tend to present good opportunities to find value. Stay tuned in the coming weeks, where I will share my 11 recommendations to profit in this type of market.<\/span> Be sure to also check out my book, <em><a href=\"https:\/\/store.biggerpockets.com\/products\/real-estate-by-the-numbers\" target=\"_blank\" rel=\"noreferrer noopener\">Real Estate by the Numbers<\/a><\/em>,<em> <\/em>where J Scott and I go over what it takes to invest successfully with deal analysis and more!<\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">In the meantime, I\u2019d love to know what you think about the current Fed news. Do you think we\u2019re heading for a recession? Job loss? A housing market crash? Let me know in the comments below!<\/span><\/p>\n\n\n\n<div class=\"wp-block-group border border-gray-200 p-6 rounded-md has-slate-50-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n    \n  <div \n    id=\"segemnt-view-event-block_624f52525847f\" \n    class=\"  \"\n    x-intersect:enter.once=\"\n      analytics.track('On The Market Blog Sponsor View', {\n        referrer: 'https:\/\/www.biggerpockets.com\/blog\/the-fed-wants-a-housing-correction',\n              })\n    \">\n    \n  <\/div>\n  \n\n\n<h3 class=\"has-text-align-left mt-0 wp-block-heading\"><strong>On The Market is presented by Fundrise<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Fundrise-logo-horizontal-fullcolor-black-1024x252.png\" alt=\"\" class=\"wp-image-142373\" width=\"256\" height=\"63\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Fundrise-logo-horizontal-fullcolor-black-1024x252.png 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Fundrise-logo-horizontal-fullcolor-black-300x74.png 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Fundrise-logo-horizontal-fullcolor-black-768x189.png 768w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Fundrise-logo-horizontal-fullcolor-black.png 1380w\" sizes=\"auto, (max-width: 256px) 100vw, 256px\" \/><\/figure>\n\n\n\n<p class=\"mb-0\" style=\"font-size:16px\"><strong>Fundrise is revolutionizing how you invest in real estate.<\/strong><\/p>\n\n\n\n<p class=\"mt-0 has-slate-600-color has-text-color\" style=\"font-size:16px\">With direct-access to high-quality real estate investments, Fundrise allows you to build, manage, and grow a portfolio at the touch of a button. Combining innovation with expertise, Fundrise maximizes your long-term return potential and has quickly become America\u2019s largest direct-to-investor real estate investing platform.<\/p>\n\n\n\n<div id=button-custom-event-block_624f4a1837234 class='button-custom-event'>\n      <a href=\"https:\/\/t.sidekickopen84.com\/s3t\/c\/5\/f18dQhb0S7kF8cpngfW16gy-_59hl3kW7_k2841CX6NGN35Qwt3rN_mgW56Jw3w1HcgXpf197v5Y04?te=W3R5hFj26QkH2W4hJTY63T3pkxW3Fbt5S3Cdl5cf49M_4s04&#038;si=8000000019411002&#038;pi=6988e0ed-1aea-4af5-9769-8a0de4675eeb\" x-on:click=\"window.analytics.track(&#039;On The Market Blog Sponsor Click&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/the-fed-wants-a-housing-correction&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\" rel=\"noopener\">Learn more about Fundrise<\/a>\n  <\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>This week, the Federal Reserve hiked the federal funds interest rate 75 basis points, which was widely expected. But there is more to Fed meetings than the headline rate hikes, [&hellip;]<\/p>\n","protected":false},"author":108611,"featured_media":144881,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5528,7119],"tags":[],"class_list":["post-144869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-news","category-biggerpockets-daily"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/144869","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/108611"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=144869"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/144869\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/144881"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=144869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=144869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=144869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}