Zillow Issues Warning For Housing Market
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Zillow recently shocked the housing market by revealing that current buyer activity is severely underperforming. In a letter to investors Zillow noted that mortgage applications have plummeted to their lowest levels since 1995, with a 50% drop since 2018. Zillow's CEO, Rich Barton, announced a strategic pivot towards the rental market due to the failing demand for home purchases. A survey highlighted that 24% of long-term renters considered buying a house, but 74% of them found it unaffordable.

Skepticism surrounds Zillow's outlook due to their history of optimistic market projections, influenced by their personal interests in real estate. Zillow also adjusted their 2024 housing market growth projection from 1.9% to 0.6%, but suggested a potential increase in home sales by year-end due to expected rate cuts. But this optimism is commonly questioned as the Fed has not delivered on anticipated rate cuts. The persistence of inflation, fueled by government actions to prevent a financial crash, complicates the entire economic landscape. This scenario, combined with the Fed's rigid stance on hitting an unrealistic 2% inflation target before lowering rates, suggests that rate hikes, rather than cuts, may be on the horizon for 2024.

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