Morgan Stanley's chief US economist now says home prices are likely to drop only 2% in 2023. Here's why she thinks the housing downturn is virtually over.
has a slightly drearier outlook, telling Insider last month that home prices would slowly fall another 5-10% as activity would remain depressed. , who warned in 2005 that a housing downturn would spark a recession , says he believes home prices will fall 15% this cycle.
"Home prices this time were very elevated before the Fed tightening, so we expect them to fall even if supply remains low; the downturn will just take longer," he said in a June 6 note.
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