23 February 2023

U.S. Housing market drop biggest since 2008, mortgage rates soar..Hot Real Estate Demand Despite Recession?

 


"On Tuesday, the National Association of Realtors said the US housing market could be close to bottoming out, as existing home sales hit the lowest level since 2010.

> Sales slipped 0.7% in January to a seasonally adjusted rate of 4 million units a year, representing the 12th straight month of declines and a 36.9% dive from a year ago. 

> For now, prices remain above year-ago levels. The median existing-home price for all housing types in January was $359,000, an increase of 1.3% from the same month in 2022. 

> Meanwhile, other market commentators have warned the US housing market is on the verge of a crash akin 2008. 

US Housing Market Posts $2.3 Trillion Drop, Biggest Since 2008 from news.yahoo.com
Posted: 14 hours ago

markets.businessinsider.com

US housing crash: Homeowners have lost $2.3 trillion in value vs. peak

Brian Evans
4 - 5 minutes


  • US homes lost 4.9% of their value from a 2022 peak, equating to $2.3 trillion, according to a report from Redfin. 
  • That's the largest June-to-December drop in percentage terms since 2008.
  • The overall value of homes stood at the $45.3 trillion at the end of 2022. 

. . . Redfin cited weakening demand as the Federal Reserve's monetary tightening campaign helped send mortgage rates to a 20-year high of 7.08% in November.

The lower demand sent home prices tumbling. The median US sale price was $383,249 in January, down 11.5% from a peak of $433,133 in May..." READ MORE 



3 hours ago · US Housing Market Posts $2.3 Trillion Drop, Biggest Since 2008. San Francisco and New York are slumping as the pandemic boom fizzles out, ... 


17 hours ago · The total value of U.S. homes has fallen from a record high of $47.7 trillion in June to about $45.3 trillion at the end of last year— ... 




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