Real Estate

Housing market at tipping point after successful year during Covid-19 pandemic

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A house’s real estate for sale sign is seen in front of a home in Arlington, Virginia, November 19, 2020.

Saul Loeb | AFP | Getty Images

No one could have predicted it. Not the economists, not the real estate agents, and especially not the nation’s homebuilders. But a pandemic caused an emotional run on housing unlike any other.

Now, one year after the Covid-19 crisis shut down and warped so much of American life, things are still unpredictable, but the outlook isn’t bright for housing. In fact, it looks like the perfect storm for a correction.

Home prices are overheated, mortgage rates are rising, the supply of homes for sale is anemic and consumer confidence in the housing market is…



Source cnbc.com

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