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The ‘Oracle of Wall Street’, anticipates a dip in house prices for the first time in over ten years. Notable states expected to experience the brunt of the decline include Pennsylvania, Connecticut, New Jersey, and Illinois, mainly attributed to shifting migration patterns. A significant reason behind this trend, Whitney suggests, is the ageing Baby Boomer population likely downsizing, thereby introducing more homes into the market. This prediction comes in the backdrop of climbing mortgage rates, with many homeowners unwilling to relocate. Despite the current hesitancy to move, housing prices have remained high due to limited available inventory. Recent data, including insights from Zillow economist Jeff Tucker, suggests a potential pivot in the housing market. #babyboomers #inflation #retirement #RealEstate #debt #mortgage
Timestamps:
Increased Costs Are Everywhere 0:38
Real Estate Has Gone Berserk 5:48
Luxury Market Has Been Impacted 11:11
What Can I Do? 12:14
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