• Home prices in the U.S. are set for a major correction due to “cratering” demand among cash-strapped buyers, a prominent economist warned in a note to clients on Tuesday.
• Ian Shepherdson, a chief economist at Pantheon Macroeconomics, said single-family home listings have surged by 40% in the last four months even as unit sales plummet.
• Given current conditions, US home prices are likely “about 15 to 20% overvalued” compared to incomes, he said.

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