The Housing Market Is About To Fall Off A Cliff, Economist Says

Posted on AllSides October 25th, 2022
From The Right
REUTERS/Larry Downing

The price of residential homes could fall by as much as 20% next year off the back of mortgage rate hikes that are reducing demand, said Ian Shepherdson, chief economist of Pantheon Macroeconomics.

With mortgage rates at their highest level since 2002, current homeowners are unlikely to purchase a new property unless out of absolute necessity, said Shepherdson, according to CBS News. Housing prices were up 13% annually in August, down from 15.6% annually in July, the largest monthly decline in annual price growth in the more than 27-year history of the S&P CoreLogic...

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