Cities like Denver, Los Angeles, San Francisco, and Austin had Home Value Drops in June 2022 according to the Zillow Home Value Index (“Raw Mid Tier”). https://www.zillow.com/research/data/
These declines were so big that they set records – even worse than the 2008 Crash. A trend that is likely to worsen in future months as the Federal Reserve and Jerome Powell continue to hike Interest Rates. Just as the US heads deeper into a Recession.
The Top 10 Metros with the Biggest Home Price Cash are:
10. Denver, CO
09. Portland, OR
08. San Francisco, CA
07. Los Angeles, CA
06. San Diego, CA
05. Provo, UT
04. Boulder, CO
03. Salt Lake City, UT
02. Austin, TX
01. San Jose, CA
They range from a -1.4% MoM decline in Denver to a -4.3% Drop in San Jose. Annualizing these figures reveals some crazy future home price declines if these trends hold.
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