The US housing market will avoid a 2008-style crash, as home prices are only set to drop modestly in 2023, according to a recent poll of analysts conducted byAccording to 29 analysts who were surveyed by the news outlet over the last week, home prices are only estimated to decline by an average 4.5% in 2023, and 10% overall from their recent peak.
Meanwhile, mortgage rates were expected to fall slightly from current levels. The 30-year fixed-rate mortgage will drop to an average of 6.35 % this year, down from its current level of 6.5%, respondents said.
These analysts must be working in real estate. The average US median home price has already dropped 11.5% from May until January so if prices stayed the same as they were in January then YOY decline would be 11.5 by May. Problem is prices are still declining each month.
The crash is coming in Canada, which will be historic.
Wanna bet?
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Housing crash: Fed economists warn of 20% market correction and bubbleUS home prices could tumble nearly 20% and Fed economists warn further rate hikes risk an even worse housing correction: 'The bubble hypothesis merits attention' I think you mean “an even better” housing correction?
Source: BusinessInsider - 🏆 729. / 51 Read more »