High inflation and rising borrowing costs have proven to be a lethal combination for the housing market, forcing potential buyers to pull back on spending.
Horizon Investments chief investment officer Scott Ladner argues housing leads the economy and will cause a market 'softening.'
Home prices in the U.S. are sinking at the fastest monthly pace since the Great Recession, evidence thatMedian home prices fell 0.98% in August from a month earlier, following a 1.05% drop in July, mortgage analytics firm Black Knight said in a report Monday. "Together they represent two straight months of significant pullbacks after more than two years of record-breaking growth," said Black Knight Data & Analytics President Ben Graboske
The price declines are the sharpest since January 2009, when the economy was in the midst of the worst recession since the Great Depression, according to Black Knight. Median home prices are down 2% since their June peak. "The only months with materially higher single-month price declines than we’ve seen in July and August were in the winter of 2008, following the Lehman Brothers bankruptcy and subsequent financial crisis," Graboske said.
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