House prices could fall by up to 20 percent next year if there's a recession, experts warn - and property in some areas of the country is overvalued by as much as 72 percent.
Mark Zandi, chief economist for Moody's Analytics, was pessimistic about the housing market in May, but he has now made his forecasts even more bleak, Fortune reported on Wednesday.
It comes amid ongoing arguments over whether the US is already in a recession, with the country recording two consecutive quarters of negative growth - the traditional definition of such a slump.
The news is particularly dire for people who have purchased homes in what Fortune terms 'bubbly' markets, with Boise in Idaho, Charlotte in North Carolina and Austin in Texas all named the most overvalued markets.
But a total of 180 other areas across the US have property deemed overvalued, many of them highly-desirable.
They include LA, Orlando, Seattle and Indianapolis, where property is all estimated to be 30 percent overvalued.
Homes in Houston are around 34.5 per cent overvalued, while properties in Montana are 25 per cent overvalued.
Picturesque Bend in Oregon - regularly voted one of the United States' best places to live - has homes that are 43.8 per cent overvalued, according to Moody's, with Billings in Montana 25 per cent overvalued.
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This is part of their plan for the destruction of America!!!!! They are collapsing the economy and their bag men, financed by the globalist cabal of billionaires headed by Nazi war criminal george soros, can buy houses for pennies on the dollar and sell them for huge profits!!!!! The billionaires get richer, politicians and bureaucrats get larger kickbacks, and We the People get screwed!!!!!!!!!!
And how will TRAITOR JOE's administration spin this if it happens?
I just sold my house in FL on the "high" end, and intend to rent for awhile in North Carolina and buy "low". Looking forward to it.
On the verge of a collapse period.
I can't wait for these evil corrupt people to meet the LORD JESUS CHRIST on judgement day
Janet, they will find out they aren't "god" afterall when the One True God sends them to the Lake of Fire!!!!!
Yup, they don't have a snowballs chance in hell! (pun intended)
11 And I saw a great white throne, and him that sat on it, from whose face the earth and the heaven fled away; and there was found no place for them.
12 And I saw the dead, small and great, stand before God; and the books were opened: and another book was opened, which is the book of life: and the dead were judged out of those things which were written in the books, according to their works.
13 And the sea gave up the dead which were in it; and death and hell delivered up the dead which were in them: and they were judged every man according to their works.
14 And death and hell were cast into the lake of fire. This is the second death.
15 And whosoever was not found written in the book of life was cast into the lake of fire.
It'll be very interesting to see their wake up call.