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Wells Fargo Economists Warns Homeowners To Be Prepared. Pending Housing Recession Could Be Worse Than The 1980s!

pending housing recessionWells Fargo economists have issued a warning. They are warning that the pending housing recession could be worse than the Reagan Recession of the early 1980s. Why? Well, for starters, they say the Federal Reserve’s aggressive rate hiking campaign could tip the housing market into a recession that echoes the slowdown of the 1980s. 

However, Wells Fargo isn’t alone in expressing this warning. This sentiment has been echoing through financial circles for months. 

Mortgage rates are at a multi-decade high and are edging towards 8%.

In the 1980s, the Federal Reserve’s aggressive bid to quell inflation drove the average 30-year fixed rate to as high as 19%. 

Freddie Mac reports that the average 30-year fixed-rate mortgage was 7.79% as of October 26. 

The Federal Reserve is expected to leave interest rates at a 22-year high of 5.25% to 5.5% this week. 

However, officials have signaled they plan to keep borrowing costs at a higher level well into next year. They believe doing so will curb inflation. As a result, this will trigger a decline in construction and activity in the market.

Home sales are expected to plunge to lows not seen since the global financial crisis. Thus, putting the property market into a prolonged freeze.

The National Association of Realtors says existing home sales fell to a rate of 4.04 million a year in August, down 15.77 percent on the same month last year.

Redfin Economist Chen Zhao told the Wall Street Journal that Redfin is preparing for the total number of existing home sales in 2023 to hit around 4.1 million.

4.1 million existing home sales would mark the smallest number of sales since 2008. Coincidentally, the year the Lehman Brothers collapsed.

You Can Read More About The Impending Reel Estate and Lending Collapse On MFI-Miami.

home priceshome valuesHousinghousing collapseHousing Crisishousing recessionreal estatereal estate collapsereal estate prices

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