Home Prices Fall
U.S. home prices are falling for the first time in a decade.
Bloomberg reports that a national measure of prices in 20 large cities fell 0.44 percent in July, the first drop since March 2012.
A study claims, “The last real estate crash ended in 2012, ushering in 10 years of price gains, capped off by the two-year pandemic buying frenzy.”
The Federal Reserve is putting its foot down though as it fights to curb inflation.
Mortgage rates this year doubled, pricing out many buyers and causing sales to plunge. Now values are heading south.
The biggest month-over-month declines in July were in San Francisco, Seattle, and San Diego.
A national measure of prices in 20 large cities fell 0.44% in July, the first drop since March 2012, the S&P CoreLogic Case-Shiller index showed Tuesday.https://t.co/gT0sQKwgUx
— Mortgage Professional America Magazine (@MPAMagazineUS) September 27, 2022
