Housing Market Update: Will 2023 Be the Next 2008?

The media has pounced on the recent softening in housing data with some headlines that spark memories of the Great Recession. With a decline in housing construction starts and cooling prices, households are wondering if the scales are tilting back in buyers’ favor, construction companies are recalibrating their production plans for 2023, and businesses are concerned about the overall economy being dragged down by the housing market.

To examine the validity of such sentiments, this webinar will focus on the path that has led the housing market to where it is today and compare it to the path that led to the housing bubble burst in 2007−08. In this webinar, we will:

1. Evaluate single-family and multi-family housing at the national level as well as at the regional level
2. Highlight the impacts of inflation, interest rates, and the post-COVID sugar rush
3. Examine issues surrounding affordability
4. Explore housing’s implications on the broader economy
5. Discuss the risks to our housing forecasts
6. Contrast today’s trends against the leadup to 2008’s housing bubble burst

Comparing the data underpinning today to the leadup to the Great Recession, we will benchmark ITR’s outlook for where the housing market is heading in 2023. Attendees will gain deeper insights into ITR’s housing forecast, helping them hedge against risks the economy is facing and plan for what’s to come.

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