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U.S. home prices could fall as much as 20% next year

Home prices have plunged during the second half of 2022 with demand for residential real estate cooling off in a number cities across the U.S. Prices could continue to fall by as much as 20% next year as mortgage rates climb and the housing market normalizes in wake of the pandemic, according to a noted Wall Street economist. Ian Shepherdson, chief economist with Pantheon Macroeconomics, said in a report last week that tumbling demand for homes amid sharply rising mortgage rates is weighing heavily on housing prices. "We think inventory could increase modestly in the next month or two as homes sit on the market for longer, but new listings continue to decline as sellers retreat to the sidelines," Nancy Vanden Houten, lead U.S. economist with Oxford Economics, said in a research note.

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