The impressive run that created the biggest housing bubble in all America’s history is officially over, and now something really disturbing is happening in the U.S real estate market. After an impressive boom during the pandemic, which led average home prices to jump by more than 40% over a span of less than four years, the U.S. property market seems to be stuck in a limbo. With inflated home prices and soaring mortgage rates, many aspiring homeowners are completely giving up on their dream of buying a home. Sales are falling precipitously in 2024, and as a result, sellers are facing some of the most painful profit losses they’ve seen in years. In some regions, where prices are being slashed to meet the demand, some owners are already expericing significant home equity losses, while others are becoming underwater on their mortgages, – meaning that the value of their debt is now bigger than the value of their homes.
If this all seems too familiar, it’s because it is. The last time the U.S. real estate market has witnessed such extreme distortions, a disaster followed suit. Though no one knows exactly when a sweeping nationwide correction will occur, we can certainly pay attention to the indicators that point to trouble ahead. For that reason, today we compiled the most important facts and stats you need to know about the housing crisis that is right before us. So without further ado, let’s check out this list!
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