Housing market 'has taken it on the chin' in 2023, economist explains
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- čas přidán 25. 07. 2024
- Moody's Analytics Chief Economist Mark Zandi joins Yahoo Finance Live to weigh in on the state of the real estate market and financial sectors plus areas for concern following regional bank failures in early 2023.
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I anticipate a housing market downturn due to the numerous individuals who purchased homes above the asking price, even with favorable interest rates. Despite the low rates, many are now at risk because they lack equity. If housing prices continue to decline, they may face difficulties selling or even risk foreclosure if they can no longer afford the property. This scenario is likely to impact a substantial number of people, particularly with the anticipated surge in layoffs and the rapid increase in the cost of living.
Anticipating the 2023 housing market is complex, as it's unclear how rapidly and to what degree the Federal Reserve can mitigate cost surges and borrowing expenses without adversely affecting demand for various assets, including homes and automobiles.
Consider reallocating from real estate to stocks. Severe recessions offer market buying opportunities with caution, as volatility can yield short-term trading prospects. Not a financial advice, but it may be wise to invest, as cash isn't ideal in this period.
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The real estate market has too much manipulation. The supply demand in real estate is not real at all. Better to stay out for now. 👍
'Gotta be asleep to believe it." - George Carlin
Stop talking about RATES! house values have gone up 30-50 percent in 2-3 years. That is not sustainable. Prices have to come down. Who cares about rates. Do people really think house values should go up 10-20 percent per year?? Really. So the average home will be 500 to 600k in two years from now. Ok i work at mcdonalds making 70 an hour. Hahahaha
they were rising above normal trends since 2011 atleast in a handful of states every talks about prices after 2020 as if thats the only point they were rising to much. No they have been rising above average since 2011 because of the cheapest money barrowing in history it just was appreciating on 2 or 3 % more then average giving you just 20% appreciation extra by 2020( 9 years) and then the 1 , 2 punch of 30-50 percent 2020-2022
The supply of single family homes is almost half of pre-pandemic levels in the United States. This low supply is not likely to change in 2024-25 so no recession. The price of houses actually increased as mortgage rates rose from 3 to 8 percent in 2023 due to this low supply.
The Fed has managed to kill the US Housing Market for the Average American for at least a decade . And that's assuming pay will rise 40% . And the Market stays completely stagnant during that time .
If you think 2023 was bad, 2024 will be absolutely brutal.
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