The housing market is ‘stuck’ until at least 2026, Bank of America warns
CNN
Help may not be on the way for first-time homebuyers frustrated by high mortgage rates and even higher home prices.
Help may not be on the way for first-time homebuyers frustrated by high mortgage rates and even higher home prices. Economists at Bank of America warned this week that the US housing market is “stuck and we are not convinced it will become unstuck” until 2026 — or later. The bank said home prices will stay high and go even higher. The housing shortage will persist. And mortgage rates may not fall much — even if the Federal Reserve finally delivers long-delayed interest rate cuts. “This will take many years to work itself out. There isn’t a magic fix,” Michael Gapen, head of US economics at Bank of America, told CNN in a phone interview. “The message for first-time homebuyers is one of patience and frustration.” Housing affordability is a major problem in America. Home prices spiked during Covid-19 and then the Fed’s war on inflation sent mortgage rates surging.
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