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Real Estate Podcast 2020Author: Real Estate Investor
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Real Estate 2008 housing bust—sees U.S. home prices falling in both 2023 and 2024
Tuesday, 6 September, 2022
Real Estate 2008 housing bust—sees U.S. home prices falling in both 2023 and 2024 So right now we’re getting a backlash of the change in direction from free money to now the rise in [mortgage] rates and inflation. So the market is poised for a fairly significant [price] correction. And we’re already seeing signs of that over the last several months. forecast model predicts that in 2023 U.S. home prices will fall 4%. Then in 2024 she predicts another 5% drop. As fast as [inventory levels] are rising and demand is plummeting, we could see pretty substantial [home] price corrections. But it’s going to vary by market, ”Fortune would have to shift our branding from the Pandemic Housing Boom—a period that saw U.S. home prices soar 43% in just over three years—to the Pandemic Housing Bubble. That said, this forecasted drop is still more of a housing correction than a housing crash—something that the industry says requires a 20% price drop. At least it wouldn’t be on the level of the last crash: Peak to trough, U.S. home prices fell 27% between 2006 and 2012.
