The U.S. housing market will see a sustained decline next year
The U.S. housing market will see a sustained decline next year, causing a drag on the nation’s economy but falling short of triggering a recession, according to a new economic report.
“We expect housing to start slowing the economy this quarter or the next,” Edward Leamer, director of the quarterly University of California, Los Angeles, Anderson Forecast, wrote in the report to be released later Wednesday.
The cooldown in the housing sector is likely to be spread over several years, with as many 500,000 construction jobs and 300,000 financial sector jobs lost, the report said.
