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HOUSING MARKET CRASH IMMINENT, RENTAL INVESTOR WARNS: 'TICKING TIME BOMB'

Published Dec 12, 2023 at 5:09 AM EST


01:10
House Prices Plunge To Levels Not Seen For 10 Years
By Giulia Carbonaro
US News Reporter
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The U.S. housing market might be hit by a price correction comparable to the one
that took place during the Great Recession of 2008, according to one rental
investor.

"My take away from spending way too much time on Zillow scouring different
markets is, it would not surprise me if there was a Great Recession sized price
correction," Rohin Dhar, vacation rental investor and the owner of several
Airbnbs in the U.S, wrote on X, formerly known as Twitter, on Sunday.



"For large condo buildings with high HOA [Homeowners' Association] fees across
the entire country. So expensive to maintain, such poor governance," he added.
Dhar described the U.S. housing market as "just a ticking time bomb of expenses
waiting to explode."

Newsweek contacted Dhar for comment by direct message on X on Monday.



A two-family house is under construction November 17, 2023 in Shelburne,
Vermont. A rental investor said he wouldn't be surprised by an incoming major
price correction, comparable to the one during the Great Recession. A two-family
house is under construction November 17, 2023 in Shelburne, Vermont. A rental
investor said he wouldn't be surprised by an incoming major price correction,
comparable to the one during the Great Recession. Robert Nickelsberg/Getty
Images

The U.S. housing market boomed during the pandemic, as high demand, relatively
low mortgage rates and historically low inventory sparked bidding wars between
aspiring homebuyers and brought prices to skyrocketing heights.


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But as mortgage rates climbed in 2022 following the Federal Reserve's attempts
to tamper inflation, demand suddenly faltered and the housing market experienced
a slight correction. From late summer 2022 to spring 2023 prices across the
country finally cooled down, though at different paces across the country.

Read more
 * Democrats have a plan to shake up the housing market
 * These 3 states could see housing market crash next year
 * Donald Trump's inches away from losing his historic achievement

For many experts, the housing market correction is already over. After
consistently dropping for months, the average price of homes in the U.S. has
been on the rise since March. According to Zillow, the average U.S. home value
was $346,653 at the end of October, 1.8 percent higher than the same period the
year before.



Dhar's analysis of the market has been based on the fact that prices have
dropped significantly in many American cities. On X, he brought up the example
of a condo in San Francisco that lost significant value in recent years.

"San Francisco six unit apartment building in Hayes Valley neighborhood," he
wrote on the social media platform, sharing a listing. "Purchased in 2016 for
$6MM. Sold this week for $3.75MM."




San Francisco was one of the most overvalued cities in the U.S. and has been
undergoing one of the most significant price corrections in the country. The
price of condos in downtown San Francisco has dropped to levels unseen since 10
years ago.

But major companies disagree with Dhar. In a recent report, Morgan Stanley—one
of the world's most important investment banks—wrote that it expects the price
correction to continue next year but remain manageable.

"We expect home prices to fall modestly as housing activity picks up versus
2023, with new home sales outpacing existing sales, but think the strong
fundamentals of existing homeowners will prevent sizable corrections," Morgan
Stanley wrote in a report shared with investors, as mentioned by ResiClub.





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Newsweek is committed to challenging conventional wisdom and finding connections
in the search for common ground.

Newsweek is committed to challenging conventional wisdom and finding connections
in the search for common ground.


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ABOUT THE WRITER

Giulia Carbonaro
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Giulia Carbonaro is a Newsweek Reporter based in London, U.K. Her focus is on
U.S. and European politics, global affairs and housing. She has covered the ups
and downs of the U.S. housing market extensively, as well as given in-depth
insights into the unfolding war in Ukraine. Giulia joined Newsweek in 2022 from
CGTN Europe and had previously worked at the European Central Bank. She is a
graduate of Nottingham Trent University. Languages: English, Italian, French.

You can get in touch with Giulia by emailing g.carbonaro@newsweek.com.

Giulia Carbonaro is a Newsweek Reporter based in London, U.K. Her focus is on
U.S. and European politics, global affairs ... Read more

To read how Newsweek uses AI as a newsroom tool, Click here.







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