Duh
this post was submitted on 24 Oct 2023
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This is the best summary I could come up with:
Sheila Bair, who had a front row seat to the subprime mortgage meltdown, is worried today’s housing market is unsustainably hot.
The good news is Bair does not see a repeat of the bursting of the mid-2000s housing bubble, which set the stage for the Great Recession.
In addition, mortgage lending standards are significantly tougher today, meaning fewer people are borrowing more than they can afford.
Although UBS acknowledges home prices have spiked to “dizzying heights” in recent years, the bank only sees two cities around the world at risk of being in a bubble: Zurich and Tokyo.
That’s the main reason Lawrence Yun, chief economist at the National Association of Realtors, says homebuyers shouldn’t hold their breath waiting for a drop in home prices.
Yun noted that many assumed London was in the midst of a housing bubble years ago – only to see prices continue to rise, albeit with fewer people participating.
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