Source: New York Post —
The ongoing plunge in US home prices may be nearing its end, Goldman Sachs analysts said in a note to clients this week.
Long-term mortgage rates have cooled by nearly a full percentage point after surging above 7% as the Federal Reserve enacted a series of interest rate hikes last year. The trend should improve housing affordability and cause price declines to reach a floor, according to the Wall Street Bank.
“The sharpest declines in the US housing market are now behind us,” Goldman analysts Ronnie Walker and Vinay Viswanathan said in a client note released on Monday.
The strategists added that they “expect a peak-to-trough decline in national home prices of roughly 6% and for prices to stop declining around mid-year.”
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