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Recession is Likely Next Year: CSUF

Housing market correction possible, economists say

A recession is likely in 2023 while “high inflation could stick around,” according to California State University, Fullerton economists.

The economists, led by professors Anil Puri and Mira Farka, will release their 2023 annual forecast tomorrow and provided highlights ahead of time.

“We’re not there yet,” Puri said of the chances for a recession. “We have to wait and see what the Fed does over the next six months.”

Puri said it is possible that the housing market will go through a major correction after home prices rose at a spectacular rate.

Farka said she and Puri predict a 10% to 15% decline could occur, which is not as bad as during the Great Recession, but certainly a tougher time for the housing market ahead.

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Kevin Costelloe
Kevin Costelloe
Tech reporter at Orange County Business Journal
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