“Home prices already have been falling, especially on the West Coast, and prices will fall in some cities in 2023,” said Holden Lewis, a home and mortgages expert for NerdWallet. “But a drop in home prices isn’t necessarily a crash.”
But it is not unprecedented. Over the last 50 years, NerdWallet reports, 30-year mortgage rates have averaged 7.75 percent. Mortgage rates in the 6 to 7 percent range were common as recently as 2008. The new survey of 2,051 American adults, conducted by the Harris Poll for NerdWallet, is the latest iteration of an annual poll. Pollsters have found overconfident home shoppers for several consecutive years.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
& 2022 per US Real Estate market was very precarious & still is on January 24th, 2023