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US home prices to drop by 20% as global housing collapse threatens
Posted on March 14, 2023 |
The exponential growth in the US and German housing markets such as home-price-to-rent ratio and real house prices indicate an affordability crisis.
This poses a vulnerability to the global outlook because of the size of those nations’ economies and influential cross-border financial spillovers.
The average 30-year mortgage rate reached 6.5% last week, an increase of 3.89% during the same week one year earlier while a modest housing correction remains the baseline scenario.
Growing interest mortgage rates have initiated a significant slowdown in the US housing market over the last year; existing-home sales have declined for 12 straight months.