In 20, US banks lent money to “low-quality borrowers” with very low credit scores, Zandi of Moody’s explained. Don’t expect a housing crash like the one we saw in the 2007-2008 financial crisis Inflation, a bear market on Wall Street after the S&P 500 dropped 20 percent, free-falling cryptocurrencies, war in Ukraine, and high fuel and food prices may evoke memories of the 2007-2008 real estate crash, but experts Al Jazeera spoke to said the market is very different this time. “We’re seeing listings stay on the market a little longer than a year ago, even six months ago.” “We’re seeing price reductions a little bit more frequently than we had before,” said David Berger, real estate agent at Compass, a broker agency in New York. Rates for a 30-year mortgage recently neared 6 percent, after dropping to 2.65 percent in January 2021.Īnd real estate agents say they are already seeing cracks in the housing market. ![]() Purchasing a home has become much more expensive recently as the US Federal Reserve raises interest rates to fight runaway inflation. “You had very few homes and a lot of people that were going to try to buy them,” said Nicole Bachaud, an economist at Zillow, a tech real-estate marketplace company in Seattle, Washington. Low interest rates fuelled the purchasing spree. The coronavirus pandemic sparked a home-buying frenzy as millions of Americans across the economic spectrum, working from home, set out in search of more space. ![]() Keep reading list of 4 items list 1 of 4 US jobless claims rose last week to highest since January list 2 of 4 Ukraine war ‘aggravating’ existing global food crisis, UN warns list 3 of 4 The cloud over commercial real estate lingers list 4 of 4 For millennials, coronavirus economic blow awakens bad memories end of list
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