Housing analyst Nick Gerli returns to the program to warn how swiftly the prospects for home prices are eroding.
Confidence in the housing market was supreme just a month or two ago. But suddenly that confidence is vaporizing as an increasing number of experts now caution of a “full blown” correction ahead.
Rising mortgage rates are a huge part of the equation, but we’re already starting to see sales slowing and even price cuts in a number of markets — especially the ones that have been the hottest in past recent years.
Does Nick still think prices could come down by as much as 30% on average?
Could we indeed see price declines on par with the 2008 crisis?