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Thanks to average mortgage rates remaining at more than double what they were in 2020 and 2021, and home prices staying sky-high, housing activity remains stagnant.
Existing home sales are at their lowest levels since the height of the foreclosure crisis in 2010 and mortgage demand has dropped to lows not seen in over two decades.
At the same time, we continue to live in an economically uncertain period. Household debt—led by mortgages, credit cards and student loans—recently surpassed $17 trillion. On top of that, inflation remains above the Federal Reserve’s 2% target rate and a recession is still possible in 2024.
This begs the question: Could the housing market be on the verge of a crash?
Forbes Advisor asked several housing experts for their predictions on where the housing market might head in the next five years. While most experts expect the housing market will come back into balance, there are warning signs for what may lie ahead…
