Watch These Overvalued Housing Markets as Home Price Growth Begins to Decelerate
By Lance Lambert
April 6, 2022
The economic shock presented by mortgage rates has some in the real estate industry predicting that the red-hot housing market will finally lose some steam. Look no further than CoreLogic. On Monday, the real estate research firm, ranked No. 952 in the Fortune 1000, said that home price growth is about to decelerate-by a lot.
At its latest reading, U.S. home prices shot up 19.2% between January 2021 and January 2022. But over the coming 12 months, CoreLogic says, home prices will rise just 5%.
There's another reason CoreLogic sees home price growth decelerating: affordability. Over the past year, U.S. home prices have shot up five times faster than U.S. income growth. That simply can't go on much longer.
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