Home prices could fall 20% by next year as mortgage rates hammer market: economist
New York Post·2022-12-23 19:32
US home prices could plunge as much as 20% within the next year as soaring mortgage rates bring the housing market to a standstill, a prominent economist said Thursday.
Existing-home sales declined for the eighth consecutive month in September, falling 1.5% month-over-month to an adjusted annual rate of 4.71 million, according to the National Association of Realtors. The slump is the longest since 2007. Sales are down nearly 24% compared to one year ago.
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