Weekly Real Estate News
Source: AS —
The housing market is down from its peak in the summer of 2022 cooled by rising borrowing rates and many previously red-hot markets being overvalued. But will the US see a housing market crash in 2023?
While the general downturn is expected to continue, it depends on which market, with four potentially set for a major correction. Other markets though could come through with but a scratch and some even seeing slight gains.
Surging housing prices halted
When combined with the mass migration of Americans who no longer had to live close to where they worked as remote working became the norm for those who could along with those who moved spurred by the pandemic to make a change in their lives, it sent house prices soaring across the nation. However, the Fed began tightening monetary policy last year with a series of aggressive rate hikes to rein in inflation that pushed home loan borrowing costs to their highest since 2002.
