Weekly Real Estate News
Source: Insider —
Rapid home-price growth and soaring mortgage rates led to a dramatic downturn in housing demand throughout 2022, leading experts to speculate that the entire US real estate market could implode.
While the housing slump is escalating this year, there’s a brighter future ahead, billionaire real estate fund manager Grant Cardone told Benzinga, as published by Yahoo Finance. People like him, he said, will re-enter the market before it enters crash territory.
“Investors will step in to pick up single-family homes at lower prices with less competition,” Cardone said in a statement, according to Benzinga. “That being said, there will be no housing crash. Investors, like myself, will save the day and step in to buy the homes.”
In 2022, surging inflation and a series of Federal Reserve interest hikes dampened demand in housing by regular buyers and big investors who were snapping up homes by the thousands. Indeed, data from real estate brokerage Redfin shows that investor purchases of American homes fell a record 45.8% year-over-year last quarter — surpassing the decline seen in 2008 as a housing bubble was bursting.
