US real estates market crashing

US was laughing at China’s real estates market. Now the joke is on US. US by raising interest rates suck the US$ back home to save herself at the expense of worldwide economy. When you have a friend like US, who need an enemy? 美國在嘲笑中國的房地產市場。現在笑話在美國。美國通過提高利率將美元吸回國內,以犧牲全球經濟為代價來拯救自己。有美國這樣的朋友,誰還需要敵人?

So much for China’s real estate crash, according to Fortune Mag, the US Housing market activity is crashing—and it threatens to push the U.S. into recession just like it did in 1981 and 2008

Wells Fargo predictions on housing:
Fortune analysis of WF
This year, Wells Fargo projects sharp declines in new-home sales (-10.5%), existing-home sales (-7.4%), single-family housing starts (-7.3%), and housing GDP (-10.1%).

Then, in 2023, Wells Fargo expects the housing downturn to intensify further. Next year the bank forecasts another drop in new-home sales (-6.5%), existing-home sales (-13.1%), single-family housing starts (-12%), and housing GDP (16%).

“A housing correction is already well under way…The primary driver behind the housing market correction thus far has been sharply higher mortgage rates,” write Wells Fargo researchers. And they don’t see much mortgage rate relief coming next year. “The fiercely hawkish Fed is one reason why we expect mortgage rates to remain above 6% through Q4-2023.”

Whatever you call it—housing downturn, housing correction, or housing recession—the housing slump is clearly putting downward pressure on home prices. Wells Fargo predicts that national home prices will sink 5.5% next year.

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