They say that history tends to repeat itself. That’s happening in the housing market right now—except it’s actually worse than the disastrous crash of 2008 in some ways, according to a Goldman Sachs analysis.
Mortgage rates are at their highest levels in more than two decades at nearly 7.5%, and home prices continue to creep upward because of decades of underbuilding and the resultant lack of houses. For the second quarter of 2023, the average sale price in the U.S. hit nearly $500,000, according to the Census Bureau, nearly double the price of homes at the time that the housing bubble burst in 2008.
