Zandi believes that the current high levels of home prices are not sustainable in the long run and will soon correct.Image Credit: Google
This correction could lead to a significant slowdown in the housing market and even cause some homeowners to lose their homes.Image Credit: Google
Home prices have been rising at an unsustainable pace for several years now, and many experts believe that a correction is inevitable.Image Credit: Google
Zandi is one of those experts, and he believes that the correction could be severe.Image Credit: Google
"If home prices correct sharply, it would not only be bad news for homeowners, but also for the overall economy," Zandi said.Image Credit: Google
"A sharp correction in home prices would lead to a significant slowdown in economic activity, and could even cause a recession."Image Credit: Google
While Zandi's predictions may be worrisome, it's important to remember that corrections are a normal part of the housing market cycle.Image Credit: Google
So, while a correction could cause some pain in the short-term, it's likely that the market will eventually rebound.Image Credit: Google
Write a brief real estate market update, including whether or not the author believes that now is a good time to buy or sell.
Now may not be the best time to buy or sell in the Glendale, CA, real estate market.
The compound of "Access Hollywood" co-host Mario Lopez is available for $6.5 million, Dirt reports, but prices may soon drop as Zandi predicts a sharp correction in home prices.