U.S. sees major housing price correction, nearly the largest since World War II
White-hot housing market drove prices up to astronomical levels over the last few years.
The United States is seeing a major price correction in its housing market, with analysts calling it very nearly the largest such shift since the end of World War II roughly 80 years ago.
The U.S. saw sky-high housing prices over the past several years, as a huge increase in demand was met with sharply depressed housing stock due to building delays and other factors.
Prices have been dropping markedly in recent months as the Federal Reserve’s interest rate hikes have driven buyers away from the market. Experts are claiming the price correction is among the largest seen in decades.
“What we're doing is we're giving back perhaps at most, a third or a quarter of the gains that we realized,” Macro Trends Advisors founding partner Mitch Roschelle told Fox News this week.
“But that doesn't help somebody who just bought a house at the top of the market and now has something that's lost 10%,” he noted.
“My 10% to 15% [prediction] is from the peak in 2022,” Roschelle told the news work, “that where we land in terms of average home prices being down 10 to 15%.”