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.

You can not generalize your research to all markets. I totally respect your education and macro view, but have you actually worked in any market or just reported on them? Value increases are slowing but not drastically falling. We need to be practical but not pantic.

I’m waiting on the crash. Trying to move out FFS

EVERYTHING is due to white supremacy and climate change!

What about the price gained in few months before june. Prices increased around 20% within short period. 🤬

Bullish on buying homes 🤷🏾‍♂️

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Housing Market Downturn Wipes $2.3 Trillion In Value As Experts Predict Prices Could Still Tumble Another 10%'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 have plummeted nearly 40% from their pandemic peak, says one economist. Maybe the younger generation will be able to buy houses again... America and the free nations must work together to repel the dictators who are allied to destroy you Wait til it drops another 30-40%
Source: Forbes - 🏆 394. / 53 Read more »

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?
Source: ChicagoBreaking - 🏆 521. / 51 Read more »

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!
Source: PhillyDailyNews - 🏆 89. / 67 Read more »

‘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.
Source: USATODAY - 🏆 100. / 63 Read more »

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
Source: Reuters - 🏆 2. / 97 Read more »

How immigration and an aging population will affect Canada's housing marketDesjardins\u0027 Randall Bartlett talks to Down to Business about how immigration will affect Canada\u0027s housing market. Listen here. financialpost The greedy boomers crossed the bridge of home ownership and burned it down after
Source: TheStarPhoenix - 🏆 253. / 63 Read more »