The possibility of a "severe downturn" in thehas increased, according to a new report from credit ratings and research agency Fitch.
In the case of "a more pronounced" housing downturn, Fitch analysts said home prices could fall 10% to 15% in the next few years, and housing activity could fall roughly 30% or more in the same multi-year period. Overall, Fitch analysts said a severe downtown was "possible, but not yet probable," and cited several factors as "key indicators" that could impact the housing market, including U.S. GDP growth, unemployment, consumer confidence, and home affordability.
"The likelihood of a severe downturn in US housing has increased; however, our rating case scenario provides for a more moderate pullback that includes a mid-single-digit decline in housing activity in 2023, and further pressure in 2024," the agency said in a new release. Nationwide, sales of previously occupied U.S.
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