When will the Next Housing Market Crash Happen? The latest news regarding the housing market shows that the median U.S. home sale price decreased by 3.3% in March to $400,528, marking the largest year-over-year drop since 2012, according to Redfin. However, it should be noted that this is only the average across the entire country, as certain areas have seen more significant declines. For example, Boise, Idaho, experienced a decline of 15.4% from a year ago with 78.8% fewer pending home sales, while Austin, Texas, Sacramento, San Jose, and Oakland also saw declines ranging from 9.7% to 13.7%.
In addition, a new rule has been implemented that requires homebuyers with good credit scores to pay higher mortgage rates and fees in order to support those with riskier credit ratings who are also buying homes. This change is due to “Loan Level Price Adjustments” introduced 15 years ago to account for lending risks. As of May 1st, those with bad credit ratings will receive the largest discounts, resulting in reduced fees. Those with good credit ratings will still pay more fees than those with bad credit, but the benefits have been reduced for them.
Finally, the United States is rapidly approaching its debt ceiling, which could be reached as early as June 2023. According to JP Morgan, the debt ceiling is expected to become a problem as early as May, with the debate over the ceiling and the federal funding bill running dangerously close to final deadlines. Breaching the debt limit would cause the first-ever default for the United States, creating financial chaos in the global economy. It would also force officials to decide between continuing assistance programs like Social Security checks and paying off the country’s debt.
Want to dive diver into Graphics? Go check out: Redfin.com
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