Reply to Why do expert say: Buckle in for a brutal free-fall in home prices

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I’m old enough to have learned that predicting markets is a fool’s errand, so all I have is scenarios in my head and the probabilities that I guesstimate for them. That being said, have caution about DCUM predictions as I’ve seen this site’s echo chamber tendencies. Back during bidding wars, the mantra on here was that prices are going up and folks will be priced out forever. Now the mantra is prices will crash in epic fashion. I think this site is an excellent barometer of current market psychology, but not necessarily a place that has a track record of predictive strength.[/quote]

But we don't have to guess. Powell has been clear that he's raising the rates and even said that there's a housing bubble that he's trying to correct.[/quote]

Even if prices go down … [b]the cost of housing has inflated exponentially with interest rates tripling, real estate taxes skyrocketing, utilities jacking up, cost of maintenance up a huge amount, insurance rates way up.[/b]

Values would have to fall over 50 percent for housing costs not to be highly inflationary.
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You're making a case for why home prices will fall.[/quote]

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