Housing Market Guru Whitney Predicts Home Price Pullback as Boomers Sell and Supply Rises
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Meredith Whitney, known as the "Oracle of Wall Street," predicts a pullback in the US housing market later this decade as baby boomers sell homes and flood the market.
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Home prices have risen 42% since March 2020 and haven't declined in over a decade due to low supply. Whitney believes this will reverse as inventory increases.
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Young potential homebuyers have been priced out and missed the opportunity to build home equity during the past 10 years of rising prices.
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Whitney expects home prices to start declining by the end of the decade as boomers downsize, putting inventory on the market.
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Whitney specifically named Pennsylvania, Connecticut, New Jersey, and Illinois as states where home values are most at risk of declining. Texas was cited as having more positive migration trends.