US home prices to plunge ‘substantially’ on ‘cratering’ demand: economist
US home prices are on the cusp of a major correction due to “cratering” demand among cash-strapped buyers, a prominent economist warned in a note to clients on Tuesday.
Ian Shepherdson, a chief economist at Pantheon Macroeconomics, noted that single-family home listings have surged by 40% in the last four months even as unit sales plummet due to sky-high prices and rising mortgage rates.
Given current conditions, US home prices are likely “about 15 to 20% overvalued” compared to incomes, according to Pantheon’s calculations – setting the table for major declines.……
Read full article on New York Post
Property America News International
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