Housing Market Update: Balance Is Returning to the Housing Market as Competition Eases
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Housing market collapsing at fastest pace ever pic.twitter.com/w4gld1r8Z0
— Don Johnson (@DonMiami3) January 1, 2023
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On August 22nd, 2006 home prices in the United States peaked at a record high. Looking back at this infamous month the housing bubble had already imploded yet at the time it was eerily quiet on wall street, nobody was aware of what was coming. What happened next would come to be known as The Great Recession, the worst economic downturn the world had seen since 1929. From that date forward, home values along with the entire worldwide economy began collapsing. First slowly then all at once. The Case-Shiller index which tracked home prices would fall 32 months in a row. Five and a half years later it would eventually bottom out resulting in what was once believed to be impossible. The complete destruction of real estate in the United States. Now in 2023, many are predicting a crash of similar magnitude. One that could shake up the market and change everything we know about real estate forever.