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Housing Market CRASH Imminent! Prices Plummet Again!
In a shocking turn of events, the housing market is on the brink of a meltdown! With mortgage rates soaring, recent data reveals unsettling signs: house prices are sliding faster than ever!
April’s Disaster: Home Prices DOWN 0.3% Again!
Brace yourself! The latest Case-Shiller report has just dropped the bombshell that home prices in 20 major cities have plummeted by 0.3% in April – worse than March’s grim 0.2% dip. This is not just a minor blip; it could be the start of a catastrophic downturn that realtors and buyers alike can’t ignore!
Experts Sound the ALARM!
Economist Thomas Ryan from Capital Economics has thrown down the gauntlet, warning of a potential “deeper correction” lurking around the corner. “With the market buckling under the pressure of sky-high mortgage rates nearing 7%, the risk of a sustained downturn is REAL!” he exclaimed.
Year-Over-Year Gains? A Distant Memory!
Hold on! Sure, prices might be up year-over-year, but it’s the SLOWEST growth we’ve seen since August 2023! The grim news keeps piling on as the FHFA price index reveals yet another 0.4% monthly drop.
Demand CRASHES as Inventory RISES!
The existing homes market is stalling, with buyer interest collapsing due to outrageous borrowing costs. Sellers are scrambling to adjust their price expectations as homes flood the market. The median sale price of existing homes has fallen for FIVE STRAIGHT MONTHS! Is this the beginning of the end?
A Silver Lining or a Dark Cloud?
But wait! Could lower prices breathe new life into the market? Perhaps, finally giving young Americans a fighting chance to buy? Economists at Citi warn, however, that the challenges remain daunting with high mortgage rates, consumer uncertainty, and a labor market shift – all contributing to this alarming downtrend.
A Call to Action for All Homeowners!
Citi’s economists are raising the stakes, suggesting that the ongoing weakening in the housing sector is an early, ominous sign for 2023. “The consistent softening in median sale prices is not just a hiccup; it signals a CRUCIAL shift toward an extended period of decline!”
Despite the doom and gloom, Ryan mentions a glimmer of hope: tight supply and a resilient mortgage market could stave off disaster. But as he puts it, “With these alarming trends in house prices, we MUST take the prospect of a prolonged downturn seriously!”
The Final Verdict: Brace for Impact!
As we watch the housing market tumble, it’s time to fasten your seatbelts. Experts are saying we could be witnessing the start of a chilling rollercoaster ride. Will you be ready when the next crash hits? Stay tuned!
photo credit: fortune.com
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