Housing Market: Could This Be Worse Than 2008?

“Conditions are changing really fast”

Nick Gerli, in his interview with Wealthion, alludes to a number of figures which spell trouble for the residential market. If you own real estate or we’re considering entering the market soon, it’s worth checking out:

Housing analyst Nick Gerli returns to the program to warn how swiftly the prospects for home prices are eroding. Confidence in the housing market was supreme just a month or two ago, and suddenly that confidence is vaporizing as an increasing number of experts now caution of a “full blown” correction ahead. Rising mortgage rates are a huge part of the equation, but we’re already starting to see sales slowing and even price cuts in a number of markets — especially the markets that have been the hottest in past recent years. Does Nick still think prices could come down by as much as 30% on average? Could we see price declines on par with the 2008 crisis?

George Gammon: Thinking of buying a house? Stop and watch this first – MS
Housing bubble ready to pop: Mortgage apps at lockdown lows – Wolf Street
Labor market on edge: Jobless claims jump most since last July – Zero Hedge
U.S. weekly jobless near five-month high – Yahoo!
Revolving consumer credit jumps 20% again in April – Mish Talk
Recession outlook update: Where do things currently stand? – Mish Talk