The Housing Crash Just Got WORSE & Builders Are PANICKING

Описание: The Housing Crash Just Got WORSE & Builders Are PANICKING

The housing market crash has started to pick up again as we head towards 2023. When we saw the housing bubble pop in the beginning of the summer, we saw a housing market correction of around 8% price declines from peak levels. Since then, we've prices have stabilized for the past few months and it's lead some people to wonder if there is still a housing crash coming. Well things have started picking up again as the housing market collapse is picking up again from where it left off as prices catch up to where mortgage rates are currently at.

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Some markets like Austin, TX are already seeing house prices crash almost 18% and technically a property crash would be 20%. However nationwide there are still some experts who are wondering will the housing market crash? Well according to the latest housing market update, new construction is making up 29% of housing sales which is a big deal because builders right now are slashing prices and offering incentives as they believe the market will get worse from this point on. This is forcing comparables to fall despite a falling active inventory. When we saw the housing market bubble pop in summer, it was mainly due to affordability and mortgage rates being so high forcing a real estate market correction but now there's a wave of forced sellers to add to that between Ibuyers, Builders, and investors. That along with the notion that we're heading towards an economic recession will lead us into a real estate crash especially as mortgage rates are still likely to keep increasing as we head into 2023. According to the latest housing market news the median sales price is now down close to 9% from peak levels and many experts have shared their housing market forecast stating they believe further price declines are imminent. That real estate market forecast is backed by the fact we're still catching up to where current mortgage rates are at. Median sales price is a delayed metric and the homes that went under contract with 7% rates won't be selling until around November/December which is why we're just starting to get those data points back showing the real estate market correction back in full swing. My housing market predictions are that if mortgage rates continue to go higher into the high 8's and low 9's we will see a nationwide housing crash take place but if we've seen the peak of rates and inflation is easier to get control of than initially anticipated, then that will limit the downside we see with house price declines.

#housingmarket #housing #housingcrash