Bank of America economists issued a report Thursday cautioning against “potential turbulence ahead” for the 2024 national housing market, dismissing theories of another crash.
“We think the (housing recessions of the) 1980s are a better analogy for today's market than the 2008 housing crash,” wrote Jeseo Park and Michael Gapen, U.S. economists with Bank of America Securities.
In the 1980s, soaring inflation drove the U.S. Federal Reserve to double mortgage interest rates, peaking at 18.6% in 1981 as the country’s all-time high. While this increase helped cool inflation, it caused a steep fall in economic activity.
Local real estate experts shared similar predictions for the future of the Central Florida market. The Orlando Regional Realtor Association, one of the largest local trade associations in Florida, published the data in its two most recent State of the Market Reports.
Central Florida to feel 'turbulent' housing market recession, say economic forecasters
black car parked beside brown and white house by Sigmund is licensed under Unsplash unsplash.com
black car parked beside brown and white house by Sigmund is licensed under Unsplash unsplash.com
Source:
WMFE
