US ‘housing recession’ could send prices 20% lower by mid-2023: economist

Source: New York Post — 

US home prices are now “clearly falling” and could plummet by as much as 20% by mid-2023 as the Fed continues its aggressive push to hike interest rates, according to a prominent economist.

Ian Shepherdson, the chief economist at Pantheon Macroeconomics, said his firm’s estimates suggest home prices have already declined by about 5% from their May peak.