Higher mortgage rates have weighed on the U.S. housing market, which posted a $2.3 trillion decline in the second half of 2022, according to Redfin data.
Potomac Wealth Advisors president and founder Mark Avallone says the 'trickle down' effect will take hold later this year.That's according to a newfrom real estate brokerage firm Redfin, which showed that the total value of U.S. homes tumbled from a record high of $47.7 trillion in June 2022 to $45.3 trillion at the end of the year — a decline of $2.3 trillion, or 4.9%.
It marks the biggest drop in percentage terms since the 2008 financial crisis, when home values plunged by 5.8% from June to December., home prices soared at a pace not seen since the 1970s with mortgage rates near a record low. Homebuyers — flush with stimulus cash and eager for more space during the pandemic — flocked to the suburbs.
Demand was so strong, and inventory so low, that at the height of the market some buyers waived home inspections and appraisals or paid hundreds of thousands over asking price. Homebuyers — flush with stimulus cash and eager for more space during the pandemic — flocked to the suburbs.embarked on the most aggressive interest-rate hike campaign since the 1980s as it tried to slow the economy and crush runaway inflation.
The interest rate-sensitive housing market has so far borne the brunt of tighter monetary policy: Although mortgage rates have fallen from a peak of 7.08% notched in November, they have recently reversed that trend and started to march higher amid interest rate-hike fears. The average rate for a
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U.S. home values declined by $2.3 trillion in 2nd-half of 2022, Redfin saysRedfin Corp. said Wednesday the total value of homes in the U.S. totaled $45.3 trillion at the end of 2022, which is down about $2.3 trillion, or 4.9%, from...
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