Source: Axios —
The residential real estate market has screeched to a halt, and some economists believe home prices are about to drop significantly.
The big picture: Existing home sales have fallen for nine straight months. The supply of single-family homes is growing. And with mortgage rates near 7%, experts say a large-scale housing slowdown is becoming increasingly likely.
What they’re saying: “In one line: Collapse in prices is coming,” wrote Kieran Clancy, senior U.S. economist at Pantheon Macroeconomics.
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