No, It's Not 2008 In DC
By Susan Isaacs, Realtor "The Momagent", Compass | Partnering with DOMO
(1313 14th St NW DC 20005)
The 2023 DC Real Estate Market vs 2008 The 2023 DC Real Estate Market Isn't a Throwback To 2008 There's nothing like a year of drastic mortgage interest rate hikes on top of breathtaking price increases to bring back bad memories of the 2008 real estate market crash, and its subsequent fallout, which lasted half a decade or more for many in the U.S. 2022: Year-over-year CPI peaked at 9.1% in June, and monthly readings since have steadily declined. After bottoming out at 2.65% in January of 2021, mortgage rates peaked in October 2022 at just over 7% and since have adjusted down, currently averaging in the high 5% to mid-6% range. It was the sudden, dramatic increases made by Fed Chair Powell that have most concerned U.S. consumers, 41% of whom say they now fear a housing crash in the ne...