The home price correction intensifies—what to expect from the US housing market in 2023

That, of course, is what we’re seeing now. Despite favorable demographics and tight inventory levels, pressured affordability—spiked mortgage rates coupled with frothy home prices—is beginning to push home prices lower. In fact, this week we learned that US home prices as measured by the Case-Shiller US National Home Price Index posted its first month-over-month decline … Read more

The home price correction intensifies—what to expect from the US housing market in 2023

That, of course, is what we’re seeing now. Despite favorable demographics and tight inventory levels, pressured affordability—spiked mortgage rates coupled with frothy home prices—is beginning to push home prices lower. In fact, this week we learned that US home prices as measured by the Case-Shiller US National Home Price Index posted its first month-over-month decline … Read more

Boise, Las Vegas, and Phoenix look like housing busts—this interactive map shows the shift in your local housing market

Fed Chair Jerome Powell has made it clear: We aren’t watching the US housing market normalize, we’re watching it “reset” through a “difficult correction.” “For the longer term what we need is supply and demand to get better aligned so that housing prices go up at a reasonable level and at a reasonable pace and … Read more

The US housing market stares down an even bigger economic shock—mortgage rates near 7%

Unbeknownst to buyers lining the sidewalks outside of frenzied open houses this spring, the Pandemic Housing Boom was already in its final inning. In March, Fortune published a pair of articles titled “The housing market enters uncharted waters“and”An economic shock just hit the housing marketarguing just that: The red-hot housing market would quickly shift in … Read more

The US housing market stares down an even bigger economic shock—mortgage rates near 7%

Unbeknownst to buyers lining the sidewalks outside of frenzied open houses this spring, the Pandemic Housing Boom was already in its final inning. In March, Fortune published a pair of articles titled “The housing market enters uncharted waters“and”An economic shock just hit the housing marketarguing just that: The red-hot housing market would quickly shift in … Read more

These 210 housing markets are now vulnerable to 20%-25% home price declines, finds latest Moody’s downgrade

Favorable millennial demographics. Tight housing inventory. Low unemployment. That’s why housing bulls said the Pandemic Housing Boom had more room to run. Moody’s Analytics chief economist Mark Zandi, of course, disagreed. Back in May, Zandi came to Fortune with a bold proclamation: The Pandemic Housing Boom had peaked and we were entering into a “housing … Read more

The Fed to reset the housing market through a ‘difficult correction’—5 things to know about the plan

“I’d say if you are a homebuyer, somebody or a young person looking to buy a home, you need a bit of a reset. We need to get back to a place where supply and demand are back together and where inflation is down low again, and mortgage rates are low again,” Powell told reporters … Read more

Why it’s getting even harder to keep a roof over your head

Americans looking to buy or rent a home have had a rough year. Rents are up by double-digit percentages in some cities. Meanwhile, buying a home is the most unaffordable it has been since the mid-1980s. Mortgage rates have surpassed 6% and home prices remain just off the record highs hit in recent months, pricing … Read more

This interactive map shows if your local housing market is impacted by the price correction

That affordability crunch has already pushed the US housing market into a housing downturn. Home sales are tanking. Homebuilders are calling off projects. And real estate firms are turning to layoffs. While it’s clear this ongoing housing downturn—spurred by the Fed’s inflation fight—will see a sharp decline in housing activity, it’s less clear how it … Read more

The housing mess, explained | CNN Politics

A version of this story appeared in CNN’s What Matters newsletter. To get it in your inbox, sign up for free here. CNN — Home owners, renters and potential buyers look at housing and the real estate market from different, often conflicting perspectives. There are alarming headlines for all three in recent weeks: This convergence … Read more