78% of community bank executives expect the housing market to crash by 2026
after running white-hot in 2021. Community bankers worry the end of the buying frenzy will be much more dramatic.
Much of the price surge has been fueled by a historic shortage of houses. US home inventory plummeted to record lows earlier in the pandemic, leaving buyers to bid against each other on too few units. Those bidding wars boosted prices higher and dented affordability across the country. Americans are gambling with those gains, too. Home equity is the difference between what someone owes on a mortgage and the value of their home. Soaring prices have lifted home equity across the board and led more owners to use their homes like credit cards, pulling cash from their house to cover other expenses.in equity from their homes in the second quarter, according to analytics firm Black Knight. That's the largest single-quarter sum since mid-2007.
"We don't see bad loans and unsustainable prices and that kind of thing," he said in a press conference, adding that he hoped builders"can react to this demand and come up with more supply."
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