The housing market is ‘stuck' until at least 2026, Bank of America warns [Yahoo! Finance]
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Source: Yahoo! Finance
Economists at Bank of America warned this week that the US housing market is “stuck and we are not convinced it will become unstuck” until 2026 — or later. The bank said home prices will stay high and go even higher. The housing shortage will persist. And mortgage rates may not fall much — even if the Federal Reserve finally delivers long-delayed interest rate cuts. “This will take many years to work itself out. There isn't a magic fix,” Michael Gapen, head of US economics at Bank of America, told CNN in a phone interview. “The message for first-time homebuyers is one of patience and frustration.” Housing affordability is a major problem in America. Home prices spiked during Covid-19 and then the Fed's war on inflation sent mortgage rates surging. The one-two punch has made it a historically unaffordable time to buy a home. “It's been a weird combination. Mortgage rates rose substantially but so did home prices. That typically doesn't happen,” said Gapen. The supply of
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