20% drop in housing value

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 According to economists, the US housing slump might cause a 20% drop in home prices. A leading economist predicts that by mid-2023, the U.S. 

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Home values could decline by as much as 20%  From the record high reached earlier this year.

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In an analyst report released this week, Pantheon Macroeconomic Ian Shepherdson stated that housing values have already dropped 5% from their peak in May. 

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His predictions indicate that existing house sale, which are seasonally adjusted, fell 0.7% in August, the third consecutive monthly fall.

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Prices are dropping, and sales are continuing their downward trajectory,

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Forcing potential purchasers to cut back on spending, excruciatingly high inflation 

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Growing borrowing costs have proven to be a deadly combination for the home market. 

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The housing sector is currently going through a recession, according to many experts, including Shepherdson.

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A precipitous decrease in prices is unlikely due to the extremely low quantity of inventory. Shepherdson estimated that by the middle of next year

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They could have dropped up to 20% overall.

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