Housing market pessimists have been sounding the alarm for years about a pending crash in the U.S. residential real estate market. Even before the Federal Reserve began hiking interest rates to fight inflation last year, pushing mortgage rates to a 23-year high this month, years of surging home prices left some experts warning that the housing market was a massive bubble ready to pop.
However, despite a widely bearish outlook in the industry, most real estate veterans have avoided arguing that home prices will drop like they did during the 2008 crash that kicked off the Global Financial Crisis (GFC). And so far, that’s been a wise decision.
