The Housing Market Is Getting Destroyed
Published: 2023-08-16
Status:
Available
|
Analyzed
Published: 2023-08-16
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
The US housing market is predicted to climb another 7% in 2024.
"the entire housing market now predicted to climb another 7% in 2024"
Pending
48 of the 200 largest US housing markets are predicted to see a 7% or greater increase in home prices over the next 12 months.
"48 of the nation's 200 largest housing markets will see an increase of 7% or greater over the next 12 months"
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Baton Rouge, Anchorage, St. Louis, Abilene, and Atlanta are expected to see the biggest increases in home prices.
"Baton Rouge Anchorage St Louis abiso and Atlanta all coming in at the top positions"
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CoreLogic anticipates US home prices to increase another 4.3% year-over-year.
"in their most recent August housing report they anticipate home prices to increase another 4.3% year-over-year"
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The AI Housing Center predicts a 6% increase in US housing prices in 2023, followed by a 7% surge in 2024.
"their belief that 2023 will see a 6% increase followed by a 7% surge in 2024"
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A poll of 29 analysts forecasted that average home prices, based on the Case-Shiller index, would fall by 45% in 2023.
"one poll of 29 analysts forecasted that average home prices based on the K Schiller index will fall by 45% in 2023"
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The same poll of analysts also believes average home prices are expected to fall 10% from peak to trough.
"they also believe that average home prices are expected to fall 10% from Peak to trough"
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Between 1978 and 1982, nominal home prices continued to rise, but real prices (accounting for inflation) fell by 11% over three years.
"from 1978 through 1982 nominal prices continued going higher but real prices when accounting for inflation fell by 11% over 3 years"
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Home prices were up 10.9% year-over-year when inflation was 9.1%, resulting in a real increase of only 1.8% above inflation.
"home prices were previously up 10.9% year-over-year during a time where inflation was 99.1%"
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It is still possible for home prices to go higher, even with current economic conditions.
"it's still possible for home prices to go even higher"
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Recommendation to buy a home only if planning to keep it for at least 7 to 10 years.
"if you're going to be buying a home my personal take is to only buy something that you intend on keeping for at least 7 to 10 years"
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Advise to buy a home without maxing out the budget, ensuring affordability even under financial strain.
"and without maxing out your budget with something that you could afford if you could stick within that I think you should be okay"
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Rents are expected to decline further due to a record 977,000 multi-family units under construction.
"rents are also expected to decline even further with a record 977,000 multi-family units currently under construction as of June"
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The number of new apartments under construction is at a 50-year high.
"there are more new apartments under construction today than at any other time in the past 50 years"
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