Identifying potential risks in the U.S. real estate market for 2023-2024 involves considering several factors:

1. Economic Downturns: The outlook for economic growth in the U.S. is expected to slow in late 2023 with a moderate recession continuing into early 2024. CBRE has adjusted its GDP growth forecast for 2023 upward to 2.0% and downward for 2024 to 0.7%. This slowdown in economic growth can impact the real estate market by reducing consumer spending power and potentially leading to a decrease in housing demand.

2. Market Stability and Bubble Risks: While the U.S. housing market is considered to be in a healthier state compared to the 2008 period, and with tightened lending practices reducing the likelihood of a property market bubble, there is still caution about the overall market stability. The supply in the housing market remains stretched, which could impact market dynamics.

3. Natural Disasters: There is an increased risk associated with homes in high-risk flood and wildfire areas, particularly in states like Florida and California. Approximately 20% of homes in these areas are currently overvalued by as much as 30%. The impact of natural disasters can significantly affect property values and the desirability of certain locations.

4. Rising Interest Rates and Inflation: The U.S. housing market faces challenges including rising interest rates and inflation. These factors can lead to a slowdown in home price growth and potentially even a housing market crash. The rising interest rates particularly impact mortgage rates, making home buying more expensive and possibly reducing demand.

5. Public Perception and Market Sentiment: A LendingTree survey revealed that 44% of Americans believe that the housing market is at risk of crashing in the next year. This sentiment, combined with the hope of 35% of Americans for a market crash (mainly among nonhomeowners), can influence market dynamics and buyer behavior. The perception and sentiment of the market participants can be a significant factor in market trends.

Overall, the U.S. real estate market in 2023-2024 is facing a combination of economic, environmental, and market-based risks that need to be carefully considered by investors, homeowners, and industry professionals.

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