Economists: A US housing recession has already arrived
Posted on AllSides December 7th, 2022
From The Center
This has been a year of watershed moments in real estate, and not the good kind.
The Housing Market Index, a closely watched industry metric that gauges the outlook for home sales, declined to 33 in November on a hundred-point scale, its lowest level in a decade, save for the first dystopian month of the pandemic. Anything under 50 spells trouble.
A month earlier, interest rates on a standard 30-year mortgage passed 7 percent, capping the largest single-year increase in at least 50 years.
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