The question today is, does the recession equal home value collapse?
Hi I’m Yoana Nin with The Prosperous Agency, and I’ve been happy to serve the real estate needs of people in the Triangle Area area for 8 years.
Well, in the last six recessions, only two caused home values to decline. So… Is the next recession going to crush the value of your home?
In the last six recessions, values went down only twice, and only one of those was significant. January 1980 to July 1980: Home values rose 4.5% July 1981 to November 1982: Home values rose 1.9% July 1990 to March 1991: Home values fell less than 1% March 2001 to November 2001: Home values rose 4.8 The 2008-2009 recession was caused because of real estate and sub-prime mortgages and defaults actually created that recession. That’s when home prices dropped considerably, as all of us remember.
It is not the case now, so let’s look at some opinions bellow:
MORGAN STANLEY says there will be a recession while GOLDMAN SACHS states “Our economists remain of the view that growth has slowed but is not close to recession,” he adds.
Most experts agree with Ralph McLaughlin, CoreLogic’s Deputy Chief Economist, who recently explained: “There’s no reason to panic right now, even if we may be headed for a recession. We’re seeing a cooling of the housing market, but nothing that indicates a crash.” The housing market is just “normalizing”.
Inventory is starting to increase and home prices are finally stabilizing. This is a good thing for both buyers and sellers as we move forward.
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