The sharp drop in USR home prices was the result of the FRS fights against inflation. Most likely, prices will continue to fall soon.
In a new report, Black Knight Data & Analytics says this is the biggest price drop since the housing crisis of 2009. Average prices fell by 1.05% in July and 0.98% in August. In general, prices fell by 2% compared to July.
According to Morgan Stanley, by the end of 2023, prices for real estate could drop by 7%. However, this is far less than the 27% decline that occurred more than ten years ago. It is the second fastest fall since the time of the Great Depression.
Mortgage creditor Freddie Mac says credit rates have risen to 6.29% and are likely to reach 7%. And while growth of prices slowed down recently, cost for real estate is still much higher than it was a year ago, making it unaffordable for many buyers.