Home Prices Are Starting To Crash – Is That Really Good News Or Really Bad News?

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Title : Home Prices Are Starting To Crash – Is That Really Good News Or Really Bad News?
Link : Home Prices Are Starting To Crash – Is That Really Good News Or Really Bad News?

Home prices are falling all over the nation. Should we be cheering or should we be concerned? In this article, I am going to discuss two distinct scenarios. In one scenario, lower housing prices could be a really good thing for our economy. But if another scenario plays out, we could potentially be looking at a repeat of the chaotic days of 2008 and 2009. Zero Hedge is reporting that home prices in the 20 biggest cities in the United States declined for a 4th consecutive month in June...

Home prices in America's 20 largest cities fell for the 4th straight month in June (the latest data available from S&P CoreLogic's Case-Shiller data released this morning). The 0.25% MoM drop was larger than expected and dragged the YoY price growth down to +2.15% - the weakest since July 2023.. Four months in a row is definitely a trend. And other data points are confirming that a significant turning point has arrived. According to Zillow, 27.4 percent of all home listings had their prices slashed during the month of July...

Home prices are falling in half of the nation's largest markets, a new report reveals --sparking fears that a housing crash is looming. Sellers are slashing prices at record rates to to lure hesitant buyers put off by soaring mortgage rates and economic uncertainty. In July alone, 27.4 percent of listings had a price cut -- the highest rate ever recorded in Zillow's monthly data going back to 2018. When more than a quarter of all listings have their prices cut in just one month, that is a tsunami. If this continues, things are going to get pretty crazy. Personally, I think that it is quite noteworthy that prices are being cut the fastest in areas that were "booming" not too long ago...

Florida and Texas, in particular, are home to former boomtowns where prices have fallen at the quickest rate over the past year. Tampa prices are down 6.2 percent, Austin 6 percent, Miami 4.6 percent, Orlando 4.3 percent and Dallas 3.9 percent, according to Zillow. 'Metros where price corrections are steepest are among those with the largest increase in inventory compared to before the pandemic,' said Kara Ng, senior economist at Zillow. Needless to say, we have seen this happen before. And it didn't end well. (Read More)