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Housing turnover will drop to lowest rate since the 80s, economist projects
UBS U.S. homebuilders and building products analyst John Lovallo discusses whether housing has entered a recession after home search activity on Google plunged in November on ‘Varney & Co.’ Home sale activity next year may reach the lowest point since the early 1980s as households buying or selling real estate retreat from the market, predicts Redfin deputy chief economist Taylor Marr. Marr projected that only 32 out of 1,000 households will sell their home in 2023. Affordability in the housing market is likely to “remain a pretty strong constraint” next year even if mortgage rates ease, Marr said. “Mortgage interest rates have risen rapidly this year … raising the monthly…