US housing market sees $2.3T drop in value, biggest since 2008

Potomac Wealth Advisors president and founder Mark Avallone says the 'trickle down' effect will take hold later this year.That's according to a newfrom real estate brokerage firm Redfin, which showed that the total value of U.S. homes tumbled from a record high of $47.7 trillion in June 2022 to $45.3 trillion at the end of the year — a decline of $2.3 trillion, or 4.9%.

It marks the biggest drop in percentage terms since the 2008 financial crisis, when home values plunged by 5.8% from June to December., home prices soared at a pace not seen since the 1970s with mortgage rates near a record low. Homebuyers — flush with stimulus cash and eager for more space during the pandemic — flocked to the suburbs.

Demand was so strong, and inventory so low, that at the height of the market some buyers waived home inspections and appraisals or paid hundreds of thousands over asking price. Homebuyers — flush with stimulus cash and eager for more space during the pandemic — flocked to the suburbs.embarked on the most aggressive interest-rate hike campaign since the 1980s as it tried to slow the economy and crush runaway inflation.

The interest rate-sensitive housing market has so far borne the brunt of tighter monetary policy: Although mortgage rates have fallen from a peak of 7.08% notched in November, they have recently reversed that trend and started to march higher amid interest rate-hike fears. The average rate for a

Meanwhile, Seattle home prices are stratospheric, and rent for a single family home is rapidly approaching $3000/mo

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What’s that in percentage terms? Oh right you purposely left that out to try and sell bad news

So the Biden recession is now as big as the Bush recession.

Look at the stupid houses!

digitalassetbuy If you compare to pre-pandemic prices, how much of a change is it really?

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