Posted on 10/14/2022 12:37:03 PM PDT by millenial4freedom
Home prices will fall in about half the markets in the US next year, a top housing economist said on Thursday. Lawrence Yun, chief economist at the National Association of Realtors (NAR), said he is forecasting 0% home-price growth in 2023. That means prices will increase in about half of the areas that NAR tracks, but decrease in the other half, Yun said. Yun, who was speaking to the National Association of Real Estate Editors conference in Atlanta, Georgia, said he predicts the home-price declines will be most dramatic in the most expensive parts of the country.
(Excerpt) Read more at businessinsider.com ...
Great timing for Blackrock to scoop them all up.
My mom’s neighborhood. 80 and 90 year old 2 bed 1 bath homes were already high and getting 150 to 200k higher than asking sight unseen. Several of which have never even had anyone move in to them.
I lived in one of those cookie cutters in San Leandro back in the late 50s. Right out of the Pete Seeger song, “Little Boxes.”
Mortgage rates have risen quickly from less than 3 to almost 8%. Since buyers cannot afford to pay that increase at the same house price, prices will decline almost everywhere.
“When Lawrence Yun predicts that prices are going to fall, you know they will definitely fall.”
YEP!!! He’s the Baghdad Bob of the Real Estate ‘industry’. In the bubble that popped in 2008, he never stopped saying that there would be something like a ‘smooth landing’ with prices peaking but nothing approaching a crash. Right up until the end.
When asked why he was obviously lying about the condition of the market, he said something like “Well, look who’s paying my salary”.
It’s AMAZING to me that he’s still around and STILL taken seriously.
Its “women and minorities hardest hit”
We can’t keep helping the radicals with their talking points.
Oh and home prices in CA are not going to fall by 50%
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