Z - Experts Predict Lower Home Prices On The Horizon: 'Housing's Taken It On The Chin' | Benzinga
The real estate market is potentially facing a downward shift in house prices, offering a respite for buyers while posing challenges for sellers.
What Happened: This week, Mark Zandi, the chief economist at Moody's, shared his insights in an interview with Yahoo Finance, outlining the conditions for a market recovery.
"The only way out of the box, the only way to get sales back up is mortgage rates have to come down, incomes have to continue to improve, we have to avoid a recession, and I suspect we'll have to see some house price declines at some point here," he said.
Adding to this viewpoint, Glenn Kelman, CEO of Redfin, spoke with Fox News about the housing market's future. Reflecting on Morgan Stanley's prediction of a 3% decline in home prices next year, Kelman agreed, saying, "A decline seems not just possible, but likely."
This year marked a significant slowdown in housing activity, ...