Ara Hovnanian: Housing market normalizing despite supply shortage
Hovnanian Enterprises chairman and CEO Ara Hovnanian discusses the state of home builders and if the housing market hit bottom on ‘The Claman Countdown.’
Goldman Sachs expects home values to worsen through 2023 amid continued skyrocketing interest rates and declining housing prices.
The firm wrote to clients earlier this month that it predicts four U.S. cities will suffer the most catastrophic dips, drawing comparisons to the 2008 housing crash.
San Jose, California; San Diego, California; Austin, Texas; and Phoenix, Arizona, will likely see noticeable increases before drastic decreases of more than 25%.
These declines would be similar to those witnessed during the Great Recession in 2008. Home prices across the U.S. fell around 27% at the time, according to the S&P CoreLogic Case-Shiller index.
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