FRESNO, Calif. (KGPE) – During the pandemic, the stock market hit all-time highs and even the housing market was strengthened.
Rising rents and expectations of higher mortgage rates also spurred homebuyers, even as skyrocketing prices and a historically low level of homes for sale shut out many others.
But the question is, will these trends continue in 2022?
Steve Flach, President of the Fresno Association of Realtors, says he believes the growth trends are not sustainable.
“No I don’t really think that growth is sustainable, but we’re not going to see any correction like we saw back in 2008 or 2009,” said Flach.
He also said that he expects the housing market to cool a little as the Fed begins to talk about raising mortgage rates.
“I do think it will [cool down], the federal government has been engaging in quantitative easing for the past several years and it wasn’t until the end of last year that they indicated that they were going to start drawing down and easing off on that,” Flach said.