Source: Newsweek —
Experts believe that the housing market is currently in the midst of a correction after the past couple of years saw soaring mortgage rates and heavy inflation, as well as major increases in housing prices.
Though there have been warnings that the housing market is headed for a crash, some people have cast doubt on whether the market adjustments will be that severe. Economists told Newsweek that a crash is consistent with lots of foreclosures and people losing their homes, while a correction is a period of home price growth followed by some price declines.
During a correction, there is no actual crisis in terms of foreclosures or people being forced to sell at a loss, according to Lawrence Yun, chief economist at the National Association of Realtors.
But there may be some parts of the United States that experience especially high price drops during this correction, projected to last through at least a portion of 2023.
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