In fact, according to the S&P Case-Shiller Index, home values were down 2.6% between June and September of 2022. That doesn’t mean home prices won’t come down at all. And the market circumstances that caused so many to end up upside down on their mortgages in 2008 aren’t present today. Even over the past few months as home prices have started to cool in most markets, foreclosure rates still haven’t reached pre-pandemic levels. Home prices may not come down to a point where these folks can afford to buy.īut for homeowners, it may provide some small assurance that they’re not at as high of a risk of losing their home. The result of this equation isn’t pretty for renters – a quarter of whom already pay more than 50% of their income to their current landlord. While less people who want to buy can due to high prices, the supply shortage will hopefully keep supply from greatly outpacing demand. This means that any decrease in home prices over the next year likely has a floor. Tryq About Q.ai's Inflation Kit | Q.ai - a Forbes company
Home starts were down 8.8% year over year between October 2021 and October 2022, and applications for permits for new builds were down 10.1% over the same time period. If you ask the National Association of Realtors, that number may be closer to 7 million new homes.
#Housing crash 2008 mac
To fix this problem, experts at Freddie Mac and Up for Growth as recently as 2021 estimated America needs 3.8 million new homes. The backdrop to this is that America is, and has been, in the midst of a housing shortage – even prior to the pandemic. America’s housing shortage isn’t getting better
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