Blackstone’s Joseph Zidle draws a striking parallel to the 2007 housing market peak. But, he lists reasons why the outcome should be different this time.
Zidle's call reflects a 12-month time frame. Within that horizon, he sees the Federal Reserve hiking interest rates deeper into next year than the Street anticipates due to persistent inflation.
"Ultimately, the Fed is going to have to hike interest rates until something breaks," added Zidle."When we do getto hit 3.5%. It's a level he expects the housing market to handle. On Monday, it was around 2.8%, up 90% so far this year. "You might see home prices generally flatten out. You may have pockets of weakness where home prices in some regions might fall," Zidle said."But the idea of having a national and a prolonged drop in housing as the economy eventually rolls over, I think is still a relatively low probability."
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