Will the next home price correction be close to what happened in the Great Recession in 2008? The chief economist at Moody’s Analytics weighed in.
The housing market is in a recession, many economists say, but when will home prices come back down to earth? Soon, one economist says.
But correction does not mean anything close to what happened in 2008. “Crash is what happened back in the financial crisis — that was a crash,” he said. “That’s not what we’re gonna have here.” Investors are also waiting on the sidelines for prices to come down. As buyers pull back, home sales have fallen considerably.
For hot pandemic boomtowns “that were previously juiced up in the west and particularly mountain west and south to the southeast,” Zandi added, “we’ll see some meaningful price declines.” In early September, Redfin said that price pressures were becoming more pervasive nationwide. For the first time since March 2021, the company said average home sold for less than its list price.
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