As the U.S. real estate market slowly cools and sales volumes decrease significantly, whether housing prices will plummet has become a major concern for many. But one economist has predicted there will not be an abrupt collapse as experienced after the previous U.S housing bubble.
Due to the FED’s interest rate hike and rising mortgage rates, people are less eager to purchase homes. Data indicate that U.S. home sales fell to a two-year low in May.
This also applied to the popular California housing market.
According to a report from the California Association of Realtors (CAR), due to a decline in housing demand, home sales in California fell 8.4 percent in June from May and 20.9 percent from June 2021….