Source: New York Post —
A significant portion of Americans fear the once-booming housing market is headed for a significant crash in the months ahead, recent survey results from LendingTree showed.
According to the survey, 41% of Americans expect the housing market to crash within the next 12 months. By comparison, just 25% of respondents said they expect the sector to avoid a crash, while 34% said they weren’t sure.
Of those who expect a crash, a whopping 74% believe it’ll be as bad or worse than the housing market’s implosion in 2008 during the Great Recession.
Some 33% of respondents said inflation was the most significant reason for a predicted crash, while 24% pointed to higher interest rates and 16% called out a lack of affordable housing.
Conditions within the housing sector have deteriorated this year as surging mortgage rates crush buyer demand and force sellers to lower their listing prices. Mortgage rates have declined in recent weeks but are still hovering at an average of 6.49% — more than twice as high as they were in January.