The US housing market is in a double-dip recession, Moody’s Analytics chief economist Mark Zandi told CNBC Monday.
“Tomorrow we are going to get an existing home sales number that that I think is going to be very, very weak, closer to 4 million units, which I think would be a new low in this cycle,” said Zandi, who is also the author of forthcoming Paying the Price.
“We probably, almost assuredly, will experience more house price declines. By those two criteria, I think that would qualify as a double dip.”
Home prices fell 5.1 percent in June to an annualized pace of 5.37 million homes, the weakest since March.