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US Housing At The Crossroads
US housing's at a crossroads of sorts.
Rates have seemingly stabilized, and may be biased to move a bit lower in 2025 if US growth cools at the margins (and assuming Treasurys don't succumb to some manner of pernicious, term premium-driven selloff that spills over into financing costs for homes).
Borrowers are by now resigned to 6%-ish rates and understand the odds of seeing four-handle mortgages again are quite low outside of a US recession, which would present its own set of problems for wou
The housing market in many places still needs 2-3 more years to adjust, and probably needs a slowdown at least if not an outright recession to reset. Pain is coming ‘Merica. But after that we will be in a better place.