03/31/2022
The avg increase in home values this year is predicted to be 11.2% according to Fannie Mae and upwards of 20% according to Zillow predictions. This is after a record setting year where home values already increased 18% from this time last year. Growth is expected to slow down in 2023… but it’s still growth, not a decrease. If you’re expecting the bubble to burst like in 2008, there are no signs that that is likely. Household finances are on avg far better off today than they were in 2008 with 99% of mortgages being fixed rate and the portion of income spent on mortgages today is nearly half of what is was in 2008.
This growth is astonishing and unsustainable, and it will slow down… but it will not be a bursting bubble, rather it just won’t be expanding as rapidly.
Never miss a story: Follow your favorite topics and authors to get a personalized email with the journalism that matters most to you. : In January, 70% of homes for sale ended up in a bidding war. That’s the highest rate on record. Simply put: So far, 2022 hasn’t delivered any relief for home sh...