According to new survey data, 70 percent of homebuyers believe a recession will hit the U.S. economy by 2022, but that's not stopping them from searching for a new home.
The study by Realtor.com finds that 41 percent of home shoppers believe that when the next recession hits, the housing market will weather conditions better than it did during the Great Recession. About 36 percent of survey respondents say the recession will be worse for housing, and 23 percent believe a recession will be equally as bad for housing now as it was 10 years ago. Danielle Hale, realtor.com's chief economist, says, "There may be concern among some consumers, but economists and analysts generally expect that the next recession will be more mild than the [Great Recession], particularly in the housing market," adding, "I don't think the next recession will be as severe for the housing market as the last one," says Hale. "This one isn't likely to be as bad."
There are a number of factors that suggest a downturn could be looming—but that doesn't mean folks should panic just yet. Despite high home prices, it doesn't appear that there's a housing bubble about to burst due to bad mortgages and an over-inflated market. Instead, a U.S. trade war with China could spur one; or a disastrous Brexit. Or it could just be that after some really good years, the good times eventually have to end.