Vanguard research

Well-positioned borrowers could support U.S. housing

June 22, 2023

Bar chart shows homes for sale as a percentage of U.S. households, namely: 2.42% on average for the 10 years preceding the subprime mortgage crisis, 3.30% at the peak of the crisis, 1.74% on average in the years after the crisis, and 0.99% currently. Our projections for homes for sale as a percentage of U.S. households, after taking into account foreclosures related to home-price declines, are: 1.35% for a 5% decline in home prices, 1.43% for a 10% decline, 1.62% for a 15% decline, and 1.94% for a 20% decline.


Ian Kresnak, CFA
Konstantin Nikolaev, CFA
Peter Maguire, CFA
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