Housing Market Slowdown More Like 1980s Than 2008 Crash, With Prices Resilient But Sales Dropping

Housing market pessimists have warned of a crash, but prices didn't fall significantly until recently due to high mortgage rates.

Bank of America says today's housing market is more like the 1980s than 2008 - prices could stay resilient but sales will likely drop.

In the 1980s, Fed rate hikes to curb inflation caused mortgage rates to double, slowing housing but not crashing prices.

Millennials reaching prime homebuying age now could, like baby boomers then, prevent a housing collapse.

Once inflation ebbs and rates fall, housing should stabilize, but more near-term turbulence in sales and prices is likely.