U.S. home prices could still drop this year, according to a Pantheon economist, contrasting a narrative the housing market has recovered from higher mortgage rates.
ProChain President David Tawil explains why he predicts rate hikes are on the horizon and likely to stay high 'for a number of years.'
In contrast to the widespread belief that the housing market has already hit bottom and is now in the midst of a recovery, Pantheon economist Kieran Clancy argued that the better-than-expected performance seen this spring was merely the result of "aggressive discounts and a lack of resale inventory – not an actual housing market recovery."
The portion of average wages required to own a home, meanwhile, skyrocketed to 33% in the period from April to June. That marks the highest debt-to-income ratio since 2007, meaning the market is the least affordable for Americans in nearly two decades.
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