Real Estate 2008 housing bust—sees U.S. home prices falling in both 2023 and 2024

Real Estate  2008 housing bust—sees U.S. home prices falling in both 2023 and 2024

So right now we’re getting a backlash of the change in direction from free money to now the rise in [mortgage] rates and inflation. So the market is poised for a fairly significant [price] correction. And we’re already seeing signs of that over the last several months. forecast model predicts that in 2023 U.S. home prices will fall 4%. Then in 2024 she predicts another 5% drop. As fast as [inventory levels] are rising and demand is plummeting, we could see pretty substantial [home] price corrections. But it’s going to vary by market, ”Fortune would have to shift our branding from the Pandemic Housing Boom—a period that saw U.S. home prices soar 43% in just over three years—to the Pandemic Housing Bubble. That said, this forecasted drop is still more of a housing correction than a housing crash—something that the industry says requires a 20% price drop. At least it wouldn’t be on the level of the last crash: Peak to trough, U.S. home prices fell 27% between 2006 and 2012.