According to Yun, an industry expert in the mortgage market, the year 2023 has the potential to witness the lowest existing home sales since either 2008 or 1995. During his presentation, Yun made this prediction based on the upcoming December data for existing home sales. This alarming forecast suggests a potentially worrying trend in the housing market, urging professionals and consumers to closely monitor the situation.
Key points from Yun’s presentation:
– 2023’s existing home sales may experience a significant decline compared to previous years.
– The predicted decline could be the worst since the economic recession of 2008 or even as far back as 1995.
– The assessment is based on the analysis of December data, implying that the situation may worsen as the year progresses.
– Experts and individuals involved with the housing market are advised to pay close attention to this emerging trend.
Yun’s statement reflects the need for attention and caution amongst mortgage industry professionals and potential homebuyers alike. Keeping a close eye on the evolving market conditions can allow individuals to make informed decisions and adjust strategies accordingly.
You can read this full article at: https://www.housingwire.com/articles/job-growth-will-fuel-the-housing-demand-in-the-long-term-nars-lawrence-yun/(subscription required)
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