“Collapse” in home prices is coming, experts say

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.