This is strange… After 5 consecutive months of revising downward their 12 month housing market forecast, Corelogic upwardly revised their real estate market predictions over the next 12 months. In today’s housing market forecast summary, I share all the details. Comment below with your real estate market prediction.
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To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7% for the current mortgage rates (at the time of filming this video for borrowers with exceptional credit).
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Compilation of Housing Market Forecast videos:
Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?
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24 Comments
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The momentum is downward.
Is it a good time to buy now or wait until 2023?
After the elections we will get real data.
I’m sorry, but your math IS dumb. Just because the median sale price went down 7% that does NOT mean home prices went down by 7%. It just means that the homes that are now selling are at a lower price point than before. Median = middle. You have to compare apples to apples. The only sure way to know if prices decrease is to look at equivalent comps from month to month, or yoy.
Thats what you get for putting any weight in ANY forecast
this forecast just shows you cannot take CoreLogic seriously. banking on the fed to pivot so housing prices will increase next year.. that is not a metric. Powell just confirmed for a second time today (from his last FOMC meeting) the Fed will do everything it can to bring down inflation. It will rather slip the economy into recession than pivot. Housing prices will be down next year cause the Fed is determined to do so, CoreLogic is a sham.
im flush with cash should I buy a house now? I can afford 20% down in california.
I'd like to see their forecast vs actual.
core logic must be related to joe biden
Perhaps they are adjusting for inflation. If you adjust these numbers for inflation it's the clear negative most people expect.
I can't speak to other parts outside Ventura County…but here…..Builders are extremely sensitive to market conditions now. I fear the days of builders having fire sales are gone for good. They just stop building, or slow down to the point where those that qualify buy with 'some' help: slightly lower rates with special lenders, low-income incentives from cities/state, some upgrades thrown in, etc.. The rock in the shoe of buyers, is that mortgage payment that hasn't dropped one bit in the last 4 months, period. The prices somewhat stabilize, or go down somewhat, and rates go up accordingly. I don't think this is going to change too much for months, if not years. If rates were to drop next year to 5%; I'd expect another small boon or boom…whichever applies.
Interest just went up hurrrrrrrrrrrrrrray.
The wheels are coming off of the housing market. Its way worse!
YouTubers keep making crash videos preying on people who want homes for views
I think Corelogic (along with other concerned parties) just don’t want the gravy train to run out. I suspect that the carnage won’t become front page news until 2Q23, when we’ve moved beyond the 4Q22/1Q23 cyclicals.
The Fed will pivot but the damage (I.e.: growing consumer debt, unemployment, etc,…) will be in full swing by that time.
We’ll likely spend ‘24 digging out from the rubble….hopefully that’s just figurative and not literal given geopolitical events.
Why no one is talking about material shortage, expensive labor market, cost of land development etc.
Wall street investors are flocking the rental market, immigrants who are on visas are buying right and center. Remember, demand is being artificially curtailed. Its a matter of time for the turnaround . Landlords are kings till then.
I have dog and cat, could not find a rental that would accept both. Looked for 2 months finally got a break, found a decent house and my loan is 7.8% I made a few offers but was out bid. Competition is still out there, just not as many cash investors. After months of looking & loosing out, I’m just happy to finally have a home for my family.
Always great commentary. Thanks, Jason!
The real estate industry has been full of BS hyping the market news for a long time, the fed was hawkish today with another 3/4% interest hike! This pending crash just got much worse!
One of the euphoric effects of smoking crack is a sense over optimism.
Bremerton and Bellingham WA have been and still are impacted by US military investment/ employment. Housing is tight in these markets. So I am not sure Core logic is correct in predicting high probability of price falls compared to other markets. I doubt they even know about these local influences.
Housing marketing going to crash because I feel like its overvalued, and should be able to get what I want based on my income, and interest rates went up, and I think every recession is 2008, and I just watched the big short.
Supply n demand rules