EVERYTHING IS GOING SWIMMINGLY: Stagflation Is Already Here in the Housing Market. “Though homebuilders continue to expand construction in response to elevated demand, the number of homes actually being completed has been stagnant because of persistent supply chain problems. This stagflation is a headache for homebuilders and homebuyers, but it’s a benefit for many existing homeowners — and therein lies the Fed’s predicament as it seeks to lower inflation.”