I remember 2018 all too well, as it was one of the worst years in the history of the housing market!
Values crashed as much as 30% in some areas, and the entire U.S. economy was in a free fall.
Oh wait… I don’t remember that because it never happened.
It was just predicted over and over and over in the years prior.
Here is just one example from CNBC’s infamous Diana Olick, from September of 2017: Almost Half of U.S. Housing Markets Are Overvalued.
Here is another article from mid-2018: The Hottest Housing Market In the Country May Be Headed for a Crash.
To be sure, it was a tough year for the mortgage industry, as rates rose considerably and shut off refi volume – similar to what we have seen take place this year.
BUT – despite the rate increases, home prices rose over 6% in 2018!
Here is a chart showing appreciation over the last 10 years in fact – despite CNBC’s numerous crash predictions.
Anyway – I suspect I have been beating the “wrong predictions” dead horse a bit too often lately – and I will give it a rest – but I have been focusing on recent predictions.
In today’s short blog prior to a long vacation weekend, I just wanted to again remind readers that these doom and gloom predictions have been surfacing every year for years now – no matter what the market is doing – and ALL of those predictions were wrong.
You might also save this blog for the dinner table tomorrow when your mother-in-law tries to tell you housing prices will drop 50% next year. 😊
Jay Voorhees
Founder | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167
