Wells Fargo economists say housing downturn still in ‘early innings’ - Phoenix Business Journal

Wells Fargo’s economics team holds out little hope for a housing recovery anytime soon after a year that saw mortgage rates more than double.

The national median existing single-family home price is expected to fall roughly 5% in 2023, according to the Wells economists. However, they expect home prices to remain above the average levels seen in 2021 based on expectations of resilient housing demand. Still, the economists see the prospect that sidelined homebuyers could jump into the housing market, especially if rates start falling.

Soaring mortgage rates are likely to be another drag on housing hitting the market as most homeowners hold mortgages with rates below 5%. That makes it harder for these homeowners to move and take on a new mortgage well above that level.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

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

Wells Fargo economists say housing downturn still in ‘early innings’ - San Francisco Business TimesIn banking news, WellsFargo economists say they expect nation's median existing single-family home price to fall in 2023
Source: SFBusinessTimes - 🏆 78. / 68 Read more »

Wells Fargo economists say housing downturn still in ‘early innings’ - San Francisco Business TimesIn banking news, WellsFargo economists say they expect nation's median existing single-family home price to fall in 2023
Source: SFBusinessTimes - 🏆 78. / 68 Read more »

Wells Fargo economists say housing downturn still in ‘early innings’ - Jacksonville Business Journal“The ongoing contraction in buyer demand means further price drops are on the horizon,' the Wells Fargo economists said.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

Wells Fargo, one of Jacksonville's top banks, agrees to massive settlement - Jacksonville Business JournalJacksonville's third largest bank agreed to pay billions to settle claims of consumer harm.
Source: JaxBizJournal - 🏆 599. / 51 Read more »