The U.S. housing market has suffered its largest drop since 2008, losing almost $2.3 trillion or 4.9% in home values, according to a new report from real estate brokerage firm Redfin. By comparison, home values plunged 5.8% in six months during the 2008 financial crisis. The report comes as the Federal Reserve has aggressively raised interest rates in order to combat inflation. Current mortgage rates stand at 6.5%, down from a peak of 7.08% in November according to mortgage lender Freddie Mac. Chen Zhao, Redfin economics research lead said, “The housing market has shed some of its value, but most homeowners will still reap big rewards from the pandemic housing boom.” Chen also said that the total value of U.S. homes remains around $13 trillion higher than in February 2020.