A report by Zillow predicts a sudden reversal for the housing market, which has been soaring in many places around the country ever since the worst of the financial crisis and housing market crash of the Great Recession.
Diana Olick reports:
Home prices have only fallen nationally once since the Great Depression, and that was following the subprime mortgage crisis and the Great Recession. Now, barely eight years after hitting bottom, and after a mighty recovery, prices are predicted to fall nationally again, down 2-3% this year, according to Zillow.
The report also predicts a sizable decline in home sales, of 50-60%. Sill, the report also predicts that, unlike before the Great Recession, the strong fundamentals in the market leading up to the current economic crisis should allow for a steady recovery. Svenja Gudell, Zillow's chief economist, is quoted as saying: "Despite the difficulties, we're seeing several signs that there is still a good amount of demand for housing, and buyers, sellers and agents are growing more comfortable moving transactions forward where possible."
More comparison between the current crisis and the Great Recession are offered in the source article.
A separate article by Steve Brown shares news of a recent report by CoreLogic, which predicts a slowdown in housing price appreciation, but not a decline, over the course of the year. "In January, CoreLogic was predicting a more than 5% gain for nationwide home prices this year.," according to Brown. "Now CoreLogic researchers are forecasting that home prices across the country will be up by only 0.5% a year from now thanks to the impact of the COVID-19 pandemic."
How 2020 Changed the Rental Market
A new report by RentCafé reveals the extent of the pandemic's influence on the rental market—so far.
Real Estate Defaults Are Coming. Don’t Waste Them.
Here’s what the federal government should do to grab the opportunity to create affordable housing.
U.S. Mortgage Delinquencies Spike
The popularity of the mortgage forbearance program enabled by the CARES Act is one reason not to fear a housing crash like the Great Recession, yet.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Congressman Proposes Bill to Rename DC Metro “Trump Train”
The Make Autorail Great Again Act would withhold federal funding to the system until the Washington Metropolitan Area Transit Authority (WMATA), rebrands as the Washington Metropolitan Authority for Greater Access (WMAGA).
The Simple Legislative Tool Transforming Vacant Downtowns
In California, Michigan and Georgia, an easy win is bringing dollars — and delight — back to city centers.
The States Losing Rural Delivery Rooms at an Alarming Pace
In some states, as few as 9% of rural hospitals still deliver babies. As a result, rising pre-term births, no adequate pre-term care and harrowing close calls are a growing reality.
The Small South Asian Republic Going all in on EVs
Thanks to one simple policy change less than five years ago, 65% of new cars in this Himalayan country are now electric.
DC Backpedals on Bike Lane Protection, Swaps Barriers for Paint
Citing aesthetic concerns, the city is removing the concrete barriers and flexposts that once separated Arizona Avenue cyclists from motor vehicles.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Smith Gee Studio
City of Charlotte
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
US High Speed Rail Association
City of Camden Redevelopment Agency
Municipality of Princeton (NJ)