EVERYTHING IS GOING SWIMMINGLY: US home prices to plunge ‘substantially’ on ‘cratering’ demand. “Ian Shepherdson, a chief economist at Pantheon Macroeconomics, noted that single-family home listings have surged by 40% in the last four months even as unit sales plummet due to sky-high prices and rising mortgage rates. Given current conditions, US home prices are likely ‘about 15 to 20% overvalued’ compared to incomes, according to Pantheon’s calculations – setting the table for major declines.”