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U.S. housing market to remain a bright spot in a weak economy: Reuters poll

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U.S. house prices will continue to surge well into next year and beyond, outpacing inflation and the overall economy, a Reuters poll of property analysts found, making it a bright spot against an otherwise gloomy economic backdrop.

FILE PHOTO: The Oculus transportation hub rises towards One World Trade in New York, U.S., June 28, 2017. REUTERS/Lucas Jackson

U.S. house prices were predicted to rise 4.0% this year and by an average 3.5% in 2021 and 2022. That suggests the trend since 2013 of house price rises outpacing consumer inflation would continue for the next three years at least, according to current inflation expectations. “However, economic uncertainty remains elevated and the recovery after the pandemic could take time, which are the risks to the current valuations.”Already tight inventory levels have been squeezed to record lows after construction activity came to a grinding halt because of the coronavirus pandemic, and with no policy relief expected, home buyers may outbid each other and crank up prices.

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Not when the foreclosures & evictions start. No one in this economy can pay back 7-9 months of back payments.

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