Answer: from the Fed's Quantitative Easing. Excerpt:
This paper examines the impact of quantitative easing undertaken by the Federal Reserve from 2020 to 2022, during which the Fed’s mortgage-backed securities (MBS) purchases ($1.33 trillion) were equal to nearly 90% of the growth in MBS ($1.50 trillion). Evidence suggests that housing’s unique role as an asset class is a factor explaining the rise in the cost of housing and hence overall inflation.
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