Housing Market Nears Crisis Point as Economist Issues “Red Flare” Warning
Housing Market Nears Crisis Point as Economist Issues “Red Flare” Warning The U.S. housing market is rapidly deteriorating, prompting Moody’s Analytics chief economist Mark Zandi to issue a stark “red flare” warning, indicating a significant drag on overall economic growth. Just weeks after his initial “yellow flare,” Zandi now believes the outlook has worsened considerably. In recent analyses, Zandi emphasized that a substantial decline in mortgage rates from their current near-7% levels is crucial to prevent a slump in home…