Economist flags 2008-style crack in US home prices
TL;DR Summary
An economist warns the US housing market is showing a 2008-style crack as falling annual home sales—now below 2008 levels—occur amid higher mortgage rates and a lock-in effect that keeps listings scarce. While July prices rose 2% year over year, tight supply and weak demand could push prices lower (roughly 2%), potentially dampening the wealth effect and signaling broader economic weakness ahead.
- An economist flags a worrying sign of 'cracking' home prices with parallels to the 2008 meltdown Business Insider
- The Number of U.S. Homebuyers Just Dropped to a Record Low, Shifting the Market Further in Buyers' Favor Yahoo Finance
- Zillow predicts major mortgage rate, housing market change thestreet.com
- US Homebuyers Are Feeling Priced Out. Are You One of Them? Bloomberg.com
- A Sharp Decline in Lumber Futures Foretold July's Weak Home Sales WSJ
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