Home prices will fall by 8% next year, but high mortgage rates and a possible recession will continue to hurt affordability, a new report says.
In a report published this month, independent research firm Capital Economics warned that sales will slump and housing prices will fall over the coming year. Sellers, many of whom now have mortgages with ultralow rates, will be forced to accept lower prices over the next year, the research firm said. After mid-2023, when Capital Economics forecasts home prices to fall by 8% compared with this year, consumers can expect price growth to recover to 2.5% by the end of 2024. — Capital Economics The group also expects mortgage rates to “hold close to 7% over the remainder of next year,” which means affordability will be at its worst since 1985.
Mortgage rates will go back down to 5.75% by the end of 2023, the Capital Economics researchers forecast in the report.
Possibly. But couldn't prices also crash? I mean, we're tweeting about its decline, what if we're both wrong,and it crashes? I think these article titles are funny.The quicker sellers lower the price, the quicker the pain will be over. Jerome Powell has said this himself. Twice.
The young generation will be living in apartments forever if this isn't fixed. Make owning a home a possibility again.
One of the biggest revenue generators for the US. Im sure there this will end well for the FED
With the mortgage rate over 7% it’ll still be too expensive even wit the house prices decreasing
Keep voting 🗳️ democrat 😂
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