![]() ![]() Yun points to “a massive housing shortage” from a decade of underproduction in the housing market. New-home construction prior to the 2008 crash was amounting to 7.65 million units annually. Underbuilding and inventory shortages.Yun also noted the subprime loans that were prevalent during the 2008 housing bust are basically nonexistent today. A strong job market bodes well for housing’s future. Though layoffs in the technology and mortgage industries are occurring, they haven’t accumulated enough to form a net job loss, Yun noted. In the last major housing downturn, there were 8 million job losses in a single year. He pointed to several key indicators of how this market differs. So, it has become a key question: Will home prices crash after the strong run-up in prices across the country over recent years?”Īt the virtual conference, where leading housing economists offered their 2023 forecast for the real estate market, Yun offered assurance that current dynamics are nothing like during the Great Recession. “People are remembering the crushing and painful foreclosure crisis. “It’s a valid question,” Lawrence Yun, chief economist for the National Association of REALTORS®, said Tuesday at NAR’s Real Estate Forecast Summit. The memory of sudden catastrophe at a time when the real estate market had been riding high may help explain why 41% of Americans say they now fear a housing crash in the next year, according to a new survey from LendingTree. ![]() Many homeowners are still haunted by the 2008 housing crash when property values collapsed and foreclosures spiked. ![]() © BrianAJackson - iStock/Getty Images Plus ![]()
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