Some economists think there is going to be a significant drop in home prices within the near future as the residential real estate market is stuck.
for the ninth straight month, the supply of single-family homes is continuing to grow, and the mortgage rates are nearing seven percent; some experts are saying that a “large-scale housing slowdown” is starting to become more and more likely.Home prices are mostly too high to appeal to buyers, who are facing skyrocketing mortgage rates. But sellers are loathe to lower asking prices. Sales are cratering — some folks are justAs a result, Kieran Clancy, a senior U.S.
The publication noted in the report that economists, until recently, had laughed at the possibility of a nationwide price slump and had ultimatelythat “persistently low inventories of houses to buy would put something of a floor under the market.” Unemployment remains low. And most homeowners who bought in recent years have locked in rock-bottom rates, making their payments affordable.
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