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In light of continuing skyrocketing interest rates and declining home values, Goldman Sachs predicts that home values will decline through the end of 2023. A report published by the firm earlier this month predicted that four U.S. cities would suffer the most catastrophic drops, comparing the situation to the 2008 housing collapse. The cities of San Jose, California; San Diego, California; Austin, Texas; and Phoenix, Arizona, are expected to experience noticeable increases before experiencing precipitous decreases of more than 25%.This would be similar to the declines witnessed during the Great Recession of 2008. According to the S&P CoreLogic Case-Shiller index,...

7 U.S. Markets Lost Value Year-Over-Year On a ‘real’ (inflation-adjusted) basis, home prices declined Year-over-Year (YoY) in ONLY 7 of the 405 largest real estate markets nationwide. That’s the strongest overall U.S. real estate market performance since just before the last real estate crash!All the declining markets are in California or Texas.(We’ve been warning you about many of the California markets for several years now even though other nearby states and regions had been looking strong.)In the previous quarter, 17 markets had annual home price declines.(See the entire list of declining markets below.) In addition to the list of declining...

Sorry to take up space for what is essentially a vanity post. But this is interesting and important enough that I would like other Freepers to weigh in from their various parts of the country.We live in a mature working class neighborhood about an hour's drive ESE of Pittsburgh, PA. We've been here just under 20 years.Most of the homes in the neighborhood, including ours, were built about 50 years ago. It has been a fairly stable neighborhood which includes neighbors who work for the Pennsylvania State Police and leave their cruisers parked in the driveway.Trump signs outnumber Biden signs...

The latest house price data (the S&P Case-Shiller index) shows a clear downward trend for the most recent six months, as shown in the graph below: The next graph shows how this year's data fits in with the long-term trend.  It is clear that the house price bubble, which began in 1997 and peaked in 2006, has not yet finished popping: How We Got Here The black stars in the above graph highlight 1951 and 1997, the two years when Congress changed how the capital gains tax applies to home sales.  The first change produced 46 years of wealth...

LOS ANGELES (AP) -- Home prices are falling across most of America's largest cities, and average prices in eight major markets have hit their lowest point since the housing bust.