US housing market downturn to worsen in 2023, Goldman Sachs warns

  • 📰 FoxBusiness
  • ⏱ Reading Time:
  • 33 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 53%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

HARSH REALTY: Housing market downturn to worsen in 2023, Goldman Sachs warns

National Association of Home Builders CEO Jerry Howard discusses the sinking housing stock markets in response to Federal Reserve Chair Jerome Powell’s signal for another rate hike.

The analyst note comes as painfully high inflation and rising borrowing costs have forced potential homebuyers to pull back on spending. But even as home sales decline, prices remain high because supply is still so limited. With mortgage rates soaring and a growing number of potential buyers backing out of deals — andto the lowest level in two years — builders have become increasingly reluctant to build new homes, keeping prices high.

In all, Goldman projects sharp declines this year in new home sales , existing home sales and housing GDP . It projects further declines in 2023, including another 9.2% decline in housing GDP next year.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Everything is in the red. Today. Stocks. Bonds. Foreign stocks. Gold. All red. BidenBoom FederalReserve

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:

 /  🏆 458. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines