Housing Market Downturn Wipes $2.3 Trillion In Value As Experts Predict Prices Could Still Tumble Another 10%

U.S. homeowners have lost a staggering $2.3 trillion in market value since June as higher interest rates drive down demand in the formerly red-hot housing market, and many economists predict the decline will continue throughout the year, as mortgage costs remain elevated and keep sidelining potential buyers.... [+]

with the collapse in existing home sales, which have plummeted nearly 40% from their pandemic peak, says one economist.The total value of U.S. homes has fallen from a record high of $47.7 trillion in June to about $45.3 trillion at the end of last year—representing the largest June-to-December drop since the subprime mortgage crisis was unraveling in 2008, real estate brokerage RedfinThough home prices are up about 1.5% over the past year, the median price has fallen about 11.

“The housing market has shed some of its value, but most homeowners will still reap big rewards from the pandemic housing boom,” says Redfin economist Chen Zhao, noting the total value of homes remains about $13 trillion higher than in February 2020—before the pandemic abruptly tanked the economy. Nevertheless, prices are likely to only fall further:"The big story for 2023 will be the speed and extent" to which the decline in prices follows suit with the collapse in existing home sales, which havePantheon ultimately projects home prices will fall by about 20% from their peak by the end of this year, suggesting the median price could tumble another 10% to about $346,500, per Redfin's data.Some economists are slightly more optimistic prices will hold up more.

just 0.7% in January, according to the National Association of Realtors."The downturn in sales is coming to an end . . . but a sustained recovery is a long way off,” says Pantheon Macro’s Kieran Clancy.

Wait til it drops another 30-40%

America and the free nations must work together to repel the dictators who are allied to destroy you

Maybe the younger generation will be able to buy houses again...

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

real estate investors will save US housing market from crashBillionaire Grant Cardone says he and other real estate investors will 'save the day' and prevent a home price crash Save the day for who? Haha he’s just gonna buy all the homes to rent them out…on loans having the renters pay for the mortgage further destroying the middle class. Or not giving families the opportunity for the real American dream of owning their homes. Greed will get you burned. or you could just not do that and allow housing to be a normal f***ing market so people born after 1985 can live somewhere decent
La source: BusinessInsider - 🏆 729. / 51 Lire la suite »

New property tax incentive could remake Fulton Market and other neighborhoods into havens for affordable housingGov. J.B. Pritzker signed the incentive package into law in the summer of 2021 Just when you thought it couldn’t get any worse. More like poverty tax am I right When you say affordable, do you mean slightly lower rent or Cabrini Green?
La source: ChicagoBreaking - 🏆 521. / 51 Lire la suite »

Councilmember Gauthier pressures 4601 Market developer to include affordable housingThe developer has ambitious plans to build 1,200 homes to of 4601 Market St. But Councilmember Jamie Gauthier wants them to include affordable housing too. Pressure = Bullying And they’ll most likely get carjacked or killed the day after they close on their house. Only 20%? And what’s considered affordable as opposed to low income? Affordable in MA is nearly impossible to afford!
La source: PhillyDailyNews - 🏆 89. / 67 Lire la suite »

‘Home sales are bottoming out’: Are homebuyers now calling the shots in 2023 housing market?Existing-home sales fell for the twelfth straight month in January, with year-over-year sales falling 37%, the biggest decline since 2010, according to a report released Tuesday by National Association of Realtors. February 22, 2023 - Russia suspends the New START nuclear treaty, which is the only nuclear treaty in effect between the US and Russia, saying that the U.S. is 'weakening' the security of the Russian Federation. Biden is destroying everything.
La source: USATODAY - 🏆 100. / 63 Lire la suite »

Lloyds faces housing market chill as profit growth stallsBritain's Lloyds Banking Group signalled that falling house prices, competition on savings and rising costs may crimp future returns after reporting flat profit growth for 2022. It’s well covered and a good buy sun .50p
La source: Reuters - 🏆 2. / 97 Lire la suite »