US housing market bloodbath: Prices will collapse by up to 20%

[1srelluc]

• Chief economist at Pantheon Macroeconomics Ian Shepherdson warned that US house prices could tumble dramatically by 2023
• Despite the current projections, he acknowledged that the housing market is not as bad as the implosion people in the US faced during the Great Recession of 2008
• He warned that the plunging trend in sales 'has further to go' and that prices are falling as the US enters the fourth quarter of 2022
• Shepherdson warned: 'Housing, in short, is in recession, and everything connected to housing either is in recession now or soon will be' .

House prices could fall by 20% by if recession sparked ravages economy

Prices here in Virginia have already fell by 5% even in our hot market.

Sorta the reason I've been holding off of some home improvements. I think local contractors will be begging for work before long.....Thanks Tater.

 

[alang1216]

• Chief economist at Pantheon Macroeconomics Ian Shepherdson warned that US house prices could tumble dramatically by 2023
• Despite the current projections, he acknowledged that the housing market is not as bad as the implosion people in the US faced during the Great Recession of 2008
• He warned that the plunging trend in sales 'has further to go' and that prices are falling as the US enters the fourth quarter of 2022
• Shepherdson warned: 'Housing, in short, is in recession, and everything connected to housing either is in recession now or soon will be' .

House prices could fall by 20% by if recession sparked ravages economy

Prices here in Virginia have already fell by 5% even in our hot market.

Sorta the reason I've been holding off of some home improvements. I think local contractors will be begging for work before long.....Thanks Tater.

When mortgage rates climb, prices fall. The net result is generally a wash unless you're downsizing or leaving the market, then you might get hurt. The flip side is you have to live somewhere and once you're in the market it generally balances itself out.

 

[Mac1958]

"if" is not "will" in Normal World.

 

[TroglocratsRdumb]

The Democrats always wreck the economy

 

[yidnar]

The Democrats always wreck the economy

Are We on the Road to America’s Second Great Depression? - AMAC - The Association of Mature American Citizens

WASHINGTON, DC, June 15 -- Here’s some distressing news “America's 12-year Great Depression began with a crash. The bottom fell out of the st

amac.us

 

[Votto]

• Chief economist at Pantheon Macroeconomics Ian Shepherdson warned that US house prices could tumble dramatically by 2023
• Despite the current projections, he acknowledged that the housing market is not as bad as the implosion people in the US faced during the Great Recession of 2008
• He warned that the plunging trend in sales 'has further to go' and that prices are falling as the US enters the fourth quarter of 2022
• Shepherdson warned: 'Housing, in short, is in recession, and everything connected to housing either is in recession now or soon will be' .

House prices could fall by 20% by if recession sparked ravages economy

Prices here in Virginia have already fell by 5% even in our hot market.

Sorta the reason I've been holding off of some home improvements. I think local contractors will be begging for work before long.....Thanks Tater.

I just assumed that the value of everything will plummit

After all, democrats are in charge

But soon evil wealth and prosperity will be destroyed as the purity of poverty and want will purify all of our souls.

 

[1srelluc]

"if" is not "will" in Normal World.

Well shill, I don't suspect you would know anything about that.

 

[Mac1958]

Well shill, I don't suspect you would know anything about that.

Okay shill, you're the expert.

 

[1srelluc]

I just assumed that the value of everything will plummit

After all, democrats are in charge

But soon evil wealth and prosperity will be destroyed as the purity of poverty and want will purify all of our souls.

Have you looked at the market and at "main street" lately?

 

[Rambunctious]

I said in two years under Biden the stock market would fall below 30,000 and everyone thought I was nuts... not just here but among my friends and family....
You people that voted for Biden and those that voted for anyone but Trump will feel this pain... no one but politicians and their staff will come out of this pain free and generations of people will suffer because of mean tweets and fake news.....

 

[johngaltshrugged]

The truth is the market will fall further than that.
A 20% fall is normal in certain housing markets that are prone to bubbles but this is a nationwide mega bubble that has affected both mortgage payments & rents.
It's already to the point that both rents & housing prices are becoming totally unaffordable to a major section of society.
As the economy crashes further, more people will be unable to pay for housing even as the prices drop in response to lowered demand.
This is worse than 2008 because that was mostly a subprime bubble on people that were totally unqualified for financing to begin with.
This time, just about every bank was lending on artificially inflated price bubbles, wrapping them up in mortgage backed security (MBS) bundles & selling them as A paper investment vehicles.
The same entities buying the MBS are also invested in other MBS composed of rentals.
These will both crash & the people relying on these funds will find their money gone while other prices are rising.
This will cause other aspects of the economy to cascade down as both eviction rates & foreclosures rise simultaneously, retirement funds dry up, stagflation keeps crushing those on a fixed income & financial markets are rocked by the consequences.

None of this will be acknowledged until after the fact, then they will push for a UBI-type welfare where everybody ends up totally dependent on the govt.

We are in for an engineered crash that will be worse than the Depression.
Gotta break some eggs to make a reset omelette

 

[Manonthestreet]

Heard it will be worse than before because of margin calls on the corp housing buyers Don't buy til the rush for the exits or later

 

[yidnar]

I just assumed that the value of everything will plummit

After all, democrats are in charge

But soon evil wealth and prosperity will be destroyed as the purity of poverty and want will purify all of our souls.

except the leftist elites will get even richer and consolidate even more power ... for example the lock downs wiped out many small businesses leaving consumers with no options except the huge multinational companies to buy goods ...hence the record profits for said companies .

 

[evenflow1969]

• Chief economist at Pantheon Macroeconomics Ian Shepherdson warned that US house prices could tumble dramatically by 2023
• Despite the current projections, he acknowledged that the housing market is not as bad as the implosion people in the US faced during the Great Recession of 2008
• He warned that the plunging trend in sales 'has further to go' and that prices are falling as the US enters the fourth quarter of 2022
• Shepherdson warned: 'Housing, in short, is in recession, and everything connected to housing either is in recession now or soon will be' .

House prices could fall by 20% by if recession sparked ravages economy

Prices here in Virginia have already fell by 5% even in our hot market.

Sorta the reason I've been holding off of some home improvements. I think local contractors will be begging for work before long.....Thanks Tater.

That hot market was insane. It had to come back to reality. Lol, made out like a bandit. Really Really good couple of years. Now sitting on a pile if money and waiting for that price crash. Then buying spree.

 

[The Duke]

• Chief economist at Pantheon Macroeconomics Ian Shepherdson warned that US house prices could tumble dramatically by 2023
• Despite the current projections, he acknowledged that the housing market is not as bad as the implosion people in the US faced during the Great Recession of 2008
• He warned that the plunging trend in sales 'has further to go' and that prices are falling as the US enters the fourth quarter of 2022
• Shepherdson warned: 'Housing, in short, is in recession, and everything connected to housing either is in recession now or soon will be' .

House prices could fall by 20% by if recession sparked ravages economy

Prices here in Virginia have already fell by 5% even in our hot market.

Sorta the reason I've been holding off of some home improvements. I think local contractors will be begging for work before long.....Thanks Tater.

For reality; It needs to be more like 50%.

 

[The Duke]

Have you looked at the market and at "main street" lately?

This is the worst shape America has ever been in in my life.

 

[Tom Paine 1949]

I hope the stock market and housing prices collapse.

The “asset inflation” of recent years has killed genuine savers and those on relatively fixed incomes. The shut off of low interest “free capital” to highly speculative financial industries & very well connected banks and hedge funds is a necessary cleansing of capital excess.

“Quantitative tightening” has just begun. A recession and credit tightening will wipe out zombie companies and help refocus attention on the real economy. It will also not be permanent (so long as major war or decoupling of world markets does not occur).

Besides, personally I’m looking for a chance to buy stocks at much lower prices!

The truth is the U.S. right now would be much better off if it suffered such a “crash” — it will likely not even be so serious since the Fed tends to reverse course too quickly and save capital and credit markets when stock market prices decline. A major correction should last a long time and not be just a blip.

The U.S. dollar is still much too strong, but I suspect a dollar crash is unlikely anytime soon, given the lack of a stable competitive currency in the present world money economy.

A major recession should, but not necessarily will, dramatically lower prices in general, which will be of great value to working people. Some workers of course will be layed off, but I don’t foresee a “Great Depression” scenario in this country.

Many capitalist bigshots have blamed workers for inflation — as expected — but that is frankly preposterous.

 

[Harpy Eagle]

Housing prices have gone up 40% since Q2 of 2020. In a bit over 2 years there has been a 40% jump.

This was, inevitable.

Average Sales Price of Houses Sold for the United States

Graph and download economic data for Average Sales Price of Houses Sold for the United States (ASPUS) from Q1 1963 to Q4 2023 about sales, housing, and USA.

fred.stlouisfed.org

This will be no where near as bad as 2008. If you bought your home more than 1.5 years ago a 20% drop will not even get you back to what you paid for it.

 

[Harpy Eagle]

A major recession should, but not necessarily will, dramatically lower prices in general, which will be of great value to working people. Some workers of course will be layed off, but I don’t foresee a “Great Depression” scenario in this country.

If we go into a recession it will be the first time we did so with such a glut of open jobs. This will help to ease the job loss of a recession.

 

[yidnar]

If we go into a recession it will be the first time we did so with such a glut of open jobs. This will help to ease the job loss of a recession.

that is a possibility ... but i still fear the war on fossil fuel will cause inflation to stay high .