[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f3kisnyqz3pmmi":3,"$ffeh0925h8cuz":43,"$f2emv3tus0uf1":47,"$fbwk2pqjjqsc7":51},{"item":4,"previous":31,"next":37},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":29,"updatedAt":30},15261,"oops-home-prices-didnt-crash-after-all","Oops! Home Prices Didn’t Crash After All","\u003Cp>\u003Cspan style=\"color: rgb(0, 0, 0);\">During the fourth\u003C\u002Fspan>\u003Cstrong style=\"color: rgb(0, 0, 0);\"> \u003C\u002Fstrong>\u003Cspan style=\"color: rgb(0, 0, 0);\">quarter of last year, many housing experts predicted home prices were going to crash this year.\u003C\u002Fspan>\u003C\u002Fp>","","blog","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fcontent\u002Fimages\u002F20230602\u002F20230605-oops-home-prices-didnt-crash-after-all.png","\u003Cp>During the fourth\u003Cstrong> \u003C\u002Fstrong>quarter of last year, many housing experts predicted home prices were going to crash this year. Here are a few of those forecasts:\u003C\u002Fp>\u003Cp>\u003Ca href=\"https:\u002F\u002Fwww.yahoo.com\u002Flifestyle\u002Fhousing-recession-already-according-economists-150645245.html\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: rgb(5, 99, 193);\">Jeremy Siegel\u003C\u002Fa>, Russell E. Palmer Professor Emeritus of Finance at the \u003Cem>Wharton School of Business\u003C\u002Fem>:\u003C\u002Fp>\u003Cblockquote>\u003Cem>“I expect housing prices fall 10% to 15%, and the housing prices are accelerating on the downside.”\u003C\u002Fem>\u003C\u002Fblockquote>\u003Cp>\u003Ca href=\"https:\u002F\u002Ftwitter.com\u002Fmarkzandi\u002Fstatus\u002F1577352297239248896?s=61&t=a3XuSbg4t99IcSH3mFbdpQ\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: rgb(5, 99, 193);\">Mark Zandi\u003C\u002Fa>, Chief Economist at \u003Cem>Moody’s Analytics\u003C\u002Fem>:\u003C\u002Fp>\u003Cblockquote>\u003Cem>\"Buckle in. Assuming rates remain near their current 6.5% and the economy skirts recession, then national house prices will fall almost 10% peak-to-trough. Most of those declines will happen sooner rather than later. And house prices will fall 20% if there is a typical recession.”\u003C\u002Fem> \u003C\u002Fblockquote>\u003Cp>\u003Ca href=\"https:\u002F\u002Fwww.goldmansachs.com\u002Fintelligence\u002Fpages\u002Fwhy-home-prices-are-poised-to-fall.html\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: rgb(5, 99, 193);\">Goldman Sachs\u003C\u002Fa>: \u003C\u002Fp>\u003Cblockquote>\u003Cem>“Housing is already cooling in the U.S., according to July data that was reported last week. As interest rates climb steadily higher, Goldman Sachs Research’s G-10 home price model suggests \u003C\u002Fem>\u003Cstrong>\u003Cem>home prices will decline by around 5% to 10% from the peak in the U.S.\u003C\u002Fem>\u003C\u002Fstrong>\u003Cem> . . . Economists at Goldman Sachs Research say there are risks that housing markets could decline more than their model suggests.”\u003C\u002Fem>\u003C\u002Fblockquote>\u003Ch4>\u003Cstrong>The Bad News: It Rattled Consumer Confidence\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>These forecasts put doubt in the minds of many consumers about the strength of the residential real estate market. Evidence of this can be seen in the \u003Ca href=\"https:\u002F\u002Fwww.fanniemae.com\u002Fmedia\u002F46031\u002Fdisplay\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: rgb(5, 99, 193);\">\u003Cem>December Consumer Confidence Survey\u003C\u002Fem>\u003C\u002Fa> from \u003Cem>Fannie Mae\u003C\u002Fem>. It showed a larger percentage of Americans believed home prices would fall over the next 12 months than in any other December in the history of the survey (\u003Cem>see graph below\u003C\u002Fem>). That caused people to hesitate about their homebuying or selling plans as we entered the new year.\u003C\u002Fp>\u003Cp>\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fcontent\u002Fimages\u002F20230602\u002F20230605-percent-of-americans-each-december-who-thought-prices-would-go-down-over-the-next-12-months.png\" rel=\"noopener noreferrer\" target=\"_blank\">\u003Cimg src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fcontent\u002Fimages\u002F20230602\u002F20230605-percent-of-americans-each-december-who-thought-prices-would-go-down-over-the-next-12-months.png\">\u003C\u002Fa>\u003C\u002Fp>\u003Ch4>\u003Cstrong>The Good News: Home Prices Never Crashed\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>However, home prices didn’t come crashing down and seem to be \u003Ca href=\"\u002F2023\u002F05\u002F16\u002Fthe-worst-home-price-declines-are-behind-us\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: rgb(5, 99, 193);\">already rebounding\u003C\u002Fa> from the minimal depreciation experienced over the last several months. \u003C\u002Fp>\u003Cp>In a report just released, \u003Cem>Goldman Sachs\u003C\u002Fem> \u003Ca href=\"https:\u002F\u002Fwww.goldmansachs.com\u002Fintelligence\u002Fpages\u002Fas-interest-rates-climb-the-global-housing-market-is-surprisingly-stable.html\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: rgb(5, 99, 193);\">explained\u003C\u002Fa>:\u003C\u002Fp>\u003Cblockquote>\u003Cem>“The global housing market seems to be stabilizing faster than expected despite months of rising mortgage rates, according to Goldman Sachs Research. \u003C\u002Fem>\u003Cstrong>\u003Cem>House prices are defying expectations and are rising in major economies such as the U.S.\u003C\u002Fem>\u003C\u002Fstrong>\u003Cem>,. . . ”\u003C\u002Fem>\u003C\u002Fblockquote>\u003Cp>Those claims from \u003Cem>Goldman Sachs \u003C\u002Fem>were verified by the release last week of two indexes on home prices: \u003Ca href=\"https:\u002F\u002Fwww.spglobal.com\u002Fspdji\u002Fen\u002Findices\u002Findicators\u002Fsp-corelogic-case-shiller-us-national-home-price-nsa-index\u002F#news-research\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: rgb(5, 99, 193);\">\u003Cem>Case-Shiller\u003C\u002Fem>\u003C\u002Fa> and the \u003Ca href=\"https:\u002F\u002Fwww.fhfa.gov\u002FDataTools\u002FDownloads\u002FPages\u002FHouse-Price-Index.aspx\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: rgb(5, 99, 193);\">FHFA\u003C\u002Fa>. Here are the numbers each reported:\u003C\u002Fp>\u003Cp>\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fcontent\u002Fimages\u002F20230602\u002F20230605-percent-change-in-home-values.png\" rel=\"noopener noreferrer\" target=\"_blank\">\u003Cimg src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fcontent\u002Fimages\u002F20230602\u002F20230605-percent-change-in-home-values.png\">\u003C\u002Fa>\u003C\u002Fp>\u003Cp>Home values seem to have turned the corner and are headed back up.\u003C\u002Fp>","\u003Cp>When the forecasts of significant home price depreciation were made last fall, \u003Cstrong>\u003Cem>they were made with megaphones\u003C\u002Fem>\u003C\u002Fstrong>. Mass media outlets, industry newspapers, and podcasts all broadcasted the news of an eminent crash in prices.\u003C\u002Fp>\u003Cp>Now, forecasters are saying the worst is over and it wasn’t anywhere near as bad as they originally projected. However, \u003Cstrong>\u003Cem>they are whispering the news instead of using megaphones\u003C\u002Fem>\u003C\u002Fstrong>. As real estate professionals, it is our responsibility – some may say duty – to correct this narrative in the minds of the American consumer.\u003C\u002Fp>","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fcontent\u002Fimages\u002F20230602\u002F20230605-percent-of-americans-each-december-who-thought-prices-would-go-down-over-the-next-12-months.png",false,[17,21,25],{"id":18,"name":19,"slug":20},5,"For Buyers","buyers",{"id":22,"name":23,"slug":24},6,"For Sellers","sellers",{"id":26,"name":27,"slug":28},9,"Home Prices","home-prices","2023-06-05T10:30:00Z","2023-06-05T17:52:14Z",{"id":32,"slug":33,"title":34,"featuredImage":35,"publishedAt":36,"contentType":10,"isVideo":15},15256,"reasons-to-own-your-home-infographic","Reasons To Own Your Home [INFOGRAPHIC]","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fcontent\u002Fimages\u002F20230601\u002FReasons-To-Own-Your-Home-KCM-Share.jpg","2023-06-02T10:30:00Z",{"id":38,"slug":39,"title":40,"featuredImage":41,"publishedAt":42,"contentType":10,"isVideo":15},15263,"real-estate-is-still-considered-the-best-long-term-investment-1","Real Estate Is Still Considered the Best Long-Term Investment","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fcontent\u002Fimages\u002F20230605\u002F20230606-real-estate-is-still-considered-the-best-long-term-investment.jpg","2023-06-06T10:30:00Z",{"cover":44,"open":45,"shareSpread":46},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",{"cover":48,"open":49,"shareSpread":50},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Sellers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Sellers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Sellers-Guide-Magazine-original.png",[52,56,57,58,62,66,67,71,75,79,83,87,91,95,99,103,107,111,115,119,123,127,131,135,139,143,147,151,155,159],{"id":53,"name":54,"slug":55},1,"Uncategorized","uncategorized",{"id":18,"name":19,"slug":20},{"id":22,"name":23,"slug":24},{"id":59,"name":60,"slug":61},7,"Foreclosures","foreclosures",{"id":63,"name":64,"slug":65},8,"Infographics","infographics",{"id":26,"name":27,"slug":28},{"id":68,"name":69,"slug":70},11,"First-Time Buyers","first-time-buyers",{"id":72,"name":73,"slug":74},34,"Senior Market","senior-market",{"id":76,"name":77,"slug":78},35,"Mortgage Rates","mortgage-rates",{"id":80,"name":81,"slug":82},38,"Move-Up","move-up",{"id":84,"name":85,"slug":86},41,"For Sale by Owner","for-sale-by-owner",{"id":88,"name":89,"slug":90},42,"Featured","featured",{"id":92,"name":93,"slug":94},45,"New Construction","new-construction",{"id":96,"name":97,"slug":98},52,"Luxury \u002F Vacation","luxury--vacation",{"id":100,"name":101,"slug":102},53,"Rent vs. Buy","rent-vs-buy",{"id":104,"name":105,"slug":106},80,"Time-sensitive","time-sensitive",{"id":108,"name":109,"slug":110},81,"Outdated","outdated",{"id":112,"name":113,"slug":114},147,"Internal","internal",{"id":116,"name":117,"slug":118},148,"Do Not Autopost","do-not-autopost",{"id":120,"name":121,"slug":122},320,"Inventory","inventory",{"id":124,"name":125,"slug":126},321,"Agent Value","agent-value",{"id":128,"name":129,"slug":130},322,"Affordability","affordability",{"id":132,"name":133,"slug":134},323,"Buying Tips","buying-tips",{"id":136,"name":137,"slug":138},324,"Downsize","downsize",{"id":140,"name":141,"slug":142},325,"Economy","economy",{"id":144,"name":145,"slug":146},326,"Equity","equity",{"id":148,"name":149,"slug":150},327,"Forecasts","forecasts",{"id":152,"name":153,"slug":154},328,"Selling Tips","selling-tips",{"id":156,"name":157,"slug":158},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":160,"name":161,"slug":162},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]