Wells Fargo economist on housing market: 'It’s worse than it looks'
said the nation’s housing market is faring even worse than recent headlines suggest.
But “It’s worse than it looks,” he said."A lot of folks have underestimated how much of a shift we’ve seen in the housing market.” in a report this week. “The housing market has since seen a spurt in contract cancellations and the most rampant discounting by homeowners and builders since well before the pandemic.“I don’t think we’re going to see a repeat of a situation where lots of folks have to suddenly sell their houses,” Vitner said, citing homeowners’ substantial home equity and lenders’ strong mortgage underwriting.
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