Will the next home price correction be close to what happened in the Great Recession in 2008? The chief economist at Moody’s Analytics weighed in.
The housing market is in a recession, many economists say, but when will home prices come back down to earth? Soon, one economist says.
But correction does not mean anything close to what happened in 2008. “Crash is what happened back in the financial crisis — that was a crash,” he said. “That’s not what we’re gonna have here.” Investors are also waiting on the sidelines for prices to come down. As buyers pull back, home sales have fallen considerably.
For hot pandemic boomtowns “that were previously juiced up in the west and particularly mountain west and south to the southeast,” Zandi added, “we’ll see some meaningful price declines.” In early September, Redfin said that price pressures were becoming more pervasive nationwide. For the first time since March 2021, the company said average home sold for less than its list price.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin market dominance plumbs 4-year lows as BTC price ditches $20KA sub-$20,000 weekend begins for Bitcoin as market cap share dwindles.
Read more »
Surge or purge? Why the Merge may not save Ethereum price from 'Septembear'Options data, macroeconomic catalysts, and technical signals suggest a massive price decline in the Ether market.
Read more »
Inflation is hitting millennial, Gen Z renters harder than the average AmericanRent price hikes are beginning to outpace home price increases as the U.S. housing market stagnates after two years of runaway demand, and that, combined with inflation, is hitting some renters harder than others.
Read more »
The Absolute Best Labor Day Deals to Shop This WeekendLabor Day is finally here, and that means unbeatable deals across a wide range of products. In a competitive market, retailers aren’t shying away from big-time sales, slashing the price …
Read more »
The state of the premium smartphone market: Apple reigns supremeHow does the premium smartphone market look like? In a nutshell, it is defined by a higher average selling price, respectable growth and a huge market share for Apple.
Read more »
EU's top executive backs price cap on Russian pipeline gasBRUSSELS (AP) — The European Union's top executive said Friday that the bloc's electricity market “is no longer operating” amid the Ukraine war, and proposed a price cap on Russian pipeline gas. European Commission President Ursula von der Leyen blamed Russian President Vladimir Putin's war against Ukraine for the energy crisis and the dramatic rise in gas and electricity prices.
Read more »