It’s a housing market crash! It’s a housing market bubble! It’s a relatively normal and stable housing market! Two of these statements might make you excited, anxious, or hopeful, while one simply makes you yawn. For years, we’ve heard numerous news outlets, forecasters, and housing authorities tell us that the next housing crash is right around the corner, only for home prices to skyrocket, interest rates to rise, and demand to stay red-hot.
If you want to know if a housing market crash is coming, Rick Sharga, Executive Vice President at ATTOM, a leading provider of nationwide property data, is the person to talk to. His entire job is based on finding and figuring out the data behind housing market movements, which he then presents to field leaders who are trying to make better buying, selling, and lending decisions.
Rick is an industry vet and was around during the mid-2000s housing market crash, the great recession, the foreclosure crisis, and everything that followed. Rick has seen the runup in housing prices over the past two years and has some interesting theories as to where we’re headed next. Whether you think we’re in for smooth sailing or on the cusp of another crash, Rick’s predictions may surprise you.
David Greene:
This is the BiggerPockets podcast show, 604.
Rick Shargra:
There’s really no indicator that we’re sitting in a bubble, although it’s understandable people think that because we’ve had, I believe, 122 consecutive months now where home prices were higher than they were the prior year, which ism I believe the longest run in history. So I do think market corrections could happen across the country in certain markets and certain price tiers. Do I think we’re going to have a bubble bursting? No, but the truth of the matter is nobody really knows we’re in a bubble until it bursts.
David Greene:
What’s going on, everyone? I am David Greene, your host of the BiggerPockets Real Estate podcast, the best real estate podcast in…