Housing Market May See Big Price Drops In Some US Cities

Housing Market , May See Big Price Drops, In Some US Cities.

'Newsweek' reports that experts predict the housing market is heading into a correction following years of soaring mortgage rates and major cost increases.

Economists reportedly doubt that a full housing market crash — where many houses go into foreclosure and people lose their homes — is on the way.

Lawrence Yun, chief economist at the National Association of Realtors, says that a correction is not an actual crisis in terms of foreclosures and people forced to sell at a loss.

Lawrence Yun, chief economist at the National Association of Realtors, says that a correction is not an actual crisis in terms of foreclosures and people forced to sell at a loss.

However, some parts of the United States may experience steep price drops during this correction period, which is predicted to last through part of 2023.

'Newsweek' reports that real estate brokerage Redfin expects housing prices to fall the most in cities like Austin, Boise and Phoenix.

'Newsweek' reports that real estate brokerage Redfin expects housing prices to fall the most in cities like Austin, Boise and Phoenix.

'Newsweek' reports that real estate brokerage Redfin expects housing prices to fall the most in cities like Austin, Boise and Phoenix.

According to Redfin, places that were considered "pandemic migration hotspots" all saw hefty price increases, which leaves room for prices to fall.

Redfin also predicted several metropolitan areas will experience relatively little change, including: , Chicago, Milwaukee and Baltimore.

Redfin also predicted several metropolitan areas will experience relatively little change, including: , Chicago, Milwaukee and Baltimore.

Redfin also predicted several metropolitan areas will experience relatively little change, including: , Chicago, Milwaukee and Baltimore.

Meanwhile, Redfin predicts the most expensive cities in the U.S., like San Francisco, will see large price declines amid a struggling tech sector.

Meanwhile, Redfin predicts the most expensive cities in the U.S., like San Francisco, will see large price declines amid a struggling tech sector