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Housing Market Warning Over Looming Price Corrections

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'It's just a matter of time,' the so-called 'Oracle of Wall Street' Meredith Whitney said about house prices finally coming down.

Meredith Whitney, a financial analyst who was once called 'the Oracle of Wall Street' for predicting the financial crisis of 2008, warned that generational shift in the U.S. will lead to a significant house price correction within the country's housing market.

This is 0.4 percent up on the average one year ago.This stalling situation between demand and supply will change in the coming year, Whitney said, as Baby Boomers—the generation born between 1955 and 1964 and which represents a big portion of homeowners in the U.S.—put their homes on the market in an effort to downsize and save money. According to the U.S. Census 2021 data, the latest available, only 10 percent of American homeowners were under the age of 35.

 

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