Wells Fargo’s economics team holds out little hope for a housing recovery anytime soon after a year that saw mortgage rates more than double.
“The housing correction still appears to be in the early innings,” the San Francisco bank’s economists said in their 2023 outlook this month. “The ongoing contraction in buyer demand means further price drops are on the horizon.”
The national median existing single-family home price is expected to fall roughly 5% in 2023, according to the Wells…
