A chief economist who called the 2008 housing crisis warns that the US housing market is in the ‘early stages of a substantial downshift’ as demand subsides — and says surging home prices and rents are due to cool off in a big way

Americans should budget an extra $5,200 this year to cover rising prices, Bloomberg economists estimate

Home prices are growing faster than salaries in 25 of the 38 biggest cities, Zillow says