Home sales will only get worse next year before rebounding in 2024
The good news is that the outlook remains favorable for housing, so the sector remains well-positioned to lead the economy out of a “brief recession”: Fannie Mae The forecast for the housing market is expected to get gloomier next year before rebounding to 2022 levels in 2024. Fannie Mae...
Economic recession or not, the housing market recession is here
Earlier in 2022, an economic recession seemed inevitable by year’s end. Two consecutive quarters of negative gross domestic product (GDP) — typically the main indicator of a U.S. recession — along with the bear market experienced in the stock market, made a recession declaration all but off...
Here’s why it may take a while for housing inflation to cool off
KEY POINTS The consumer price index reading for October was cooler than expected, fueling hope that inflation may further ease in coming months. However, housing may dampen improvement due to a lag effect related to rent and home prices. Shelter is the biggest part of consumers’ budgets and ac...
Realtors expect ‘vulnerable’ commercial real-estate prices to drop in 2023 — as people embrace hybrid work
‘Nationwide, we are beginning to see some decline in commercial appraisal values,’ said Lawrence Yun, chief economist at NAR Realtors are turning bearish on commercial real estate. Well, technically — the National Realtors Association (NAR) said it’s expecting the commercial real-e...
Opinion: Mortgage rates have a smaller impact on housing than you think; here’s proof
If we don’t learn from history, we are doomed to repeat it. From 1998 to 2006, according to Freddie Mac, the median annual mortgage rate was 6.45%. At the same time, the median, annual average of existing home sales was 5.63 million units. Therefore, there were more housing sales in 1996 than...