The U.S. housing market to see second biggest correction of the post-WWII era—when to expect the home price bottom | Fortune
The U.S. housing market to see second-biggest correction of the post-WWII era—when to expect the home price bottom AS PUBLISHED IN FORTUNE BY LANCE LAMBERT November 7, 2022 at 7:45 PM EST Home builders and economists alike saw the 2000s housing bubble brewing—they just didn’t think it would burst. Their reasoning being, that at the time, home prices hadn’t really fallen since the Great Depression era. “I think that the religion people had from 1946 to 2008, that housing prices always go up, is dead. My parents believed that it was literally inconceivable for [home] prices to go down,” Redfin CEO Glenn Kelman tells Fortune . That “religion” of course came crashing down after the bursting housing bubble caused U.S. home prices to fall a staggering 27% from 2006 to 2012. Knowing that home prices can indeed fall, Kelman says, is why builders and flippers started cutting prices faster this time around. Once the market shifted , they wanted to get out first. “Folks [are] responding [in 2022]