The housing market will drag the economy into a hard landing unless the Fed takes these 'simple steps,' trade groups warn

• Housing trade groups urged the Federal Reserve to stop hiking interest rates immediately.
• The NAHB, MBA, and NAR warned that a hard landing is likely, unless the Fed takes two "simple steps."
• More rate hikes would pose broader risks to growth, "heightening the likelihood and magnitude of a recession."

The Federal Reserve needs to take two "simple steps" to assure that it sticks a soft landing in the economy, according to three housing industry trade groups.