The US Housing Market Bubble is turning into a Crash very fast. List Prices on Zillow in markets like San Francisco, Los Angeles, Seattle, and Denver are cratering. Homebuyer demand has collapsed off while sellers are getting desperate and dropping the prices on their houses.
Rising interest rates, inflation, and a looming Recession are causing the Housing Market to shift extremely fast. And given how low Mortgage Purchase Applications are, to go along with declining Homebuyer Traffic, the 2022 Housing Crash could just be getting started.
Expensive, tech-driven real estate markets are feeling the pinch most. The San Francisco Bay Area, most notably Oakland, have seen list prices collapse by double digits compared to the Zestimate. Seattle is another city where housing prices are dropping fast. As is Salt Lake City, Los Angeles, Denver, and the north part of Dallas.
Black Knight Foreclosure Data: https://www.blackknightinc.com/black-knights-first-look-at-april-2022-mortgage-data/?
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