Is the housing boom about to bust? Sellers are slashing prices at levels not seen since before the pandemic amid rapidly cooling market

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Is the housing boom about to bust? Sellers are slashing prices at levels not seen since before the pandemic amid rapidly cooling market as hedge fund manager of The Big Short fame warns 'It's like watching a plane crash'

-More than 20% of homes for sale in Philadelphia, Boise, New Orleans and Sacramento had their prices reduced in April.

-Michael Burry, of 'The Big Short' fame, compared the slowing housing market to 2008 saying it's like 'watching a plane crash'.

-This week mortgage rates reached a 13-year high of more than 5%.

-One economist said that house prices could drop as much as 40% during the summer of 2022.

America's red hot housing market is cooling down fast sparking fears of a housing bust and crippling recession as nearly half of home sale prices are slashed in some areas.

After two years of buyers battling paying tens of thousands - or sometimes hundreds of thousands - over asking price to secure homes as millions fled the cities in favor of the suburbs during the pandemic, it appears the boom in over.

An increase in mortgage rates, rising house prices and uncertainty around Joe Biden's economy as inflation soars, are contributing factors to the slowdown, according to experts.

Weighing in on the market trends, former hedge fund manager Michael Burry of 'The Big Short' fame, said in a now-deleted tweet on May 24, that the falling stocks and slowing home sales, remind him of 2008.

Burry tweeted: 'As I said about 2008, it's like watching a plane crash.'

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