The Housing Market Stands at a Tipping Point After a Stunningly Successful Year During the Pandemic
Now, one year after the Covid-19 crisis shut down and warped so much of American life, things are still unpredictable, but the outlook isn't bright for housing. In fact, it looks like the perfect storm for a correction. Home prices are overheated, mortgage rates are rising, the supply of homes for sale is anemic and consumer confidence in the housing market is falling. Pandemic-related mortgage bailouts are set to expire this summer. A year ago, home sales ground to a halt. No one wanted to buy or sell or even enter a home, given all the physical and economic uncertainty that Covid-19 brought...