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IPFS News Link • Economy - Economics USA

3 Major Factors Which Will Make 2023 A Historically Painful Year For The Housing Market

•, by Michael

I repeatedly warned my readers that prices would start declining and that home sales would fall precipitously.  Needless to say, that is precisely what has happened.  In fact, last week we learned that home sales have now dropped for nine months in a row…

Home sales declined for the ninth straight month in October, as higher interest rates and surging inflation kept buyers on the sidelines.

Sales of previously owned homes dropped 5.9% from September to October, according to the National Association of Realtors.

This is already the longest streak of declining sales ever recorded, and this new housing crash is just getting started.

But of course what we have already witnessed has been pretty breathtaking.

According to Zero Hedge, U.S. home sales in October 2022 were 28.4 percent lower than they were in October 2021…

This monthly decline pushed the year-over-year drop in existing home sales to -28.4% – its worst level since 2008!

Sadly, things are likely to get even worse in the months ahead.

The following are 3 major factors which will make 2023 a historically painful year for the housing market…