‘We’ve squeezed a decade of home price appreciation into a year and a half’: Here’s where home prices are poised to drop in the next couple of years, says one expert
Mortgage rates are cooling off after sharply rising. But expect home prices to start slowing, and even dropping, in some of the most overheated markets in the country over the next couple of years.
With the average on the 30-year fixed-rate mortgage at 5.7%, some would-be buyers are spooked by the higher borrowing costs and are putting their plans on hold. A year ago, the rate was 2.72%. It’s not just him. Capital Economics’ Matthew Pointon also expects a “small fall” in home prices of around 5% on a year-over-year basis by 2023, he said.
“Boise is the poster child,” Palacios said, and, in his firm’s view, may see a decline in home prices as early as this year. Nearly half of homes for sale in Provo, Utah — another hot destination located 45 miles from Salt Lake City — had prices drop in May, according to Redfin. About 46% of homes in Salt Lake and 44.2% of homes in Boise that were for sale also had their prices slashed.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Blackburn polishes all-star resume, but A’s lose in gut-wrenching fashionWith the bases loaded, A’s closer Lou Trivino allowed a single to Abraham Toro, bringing home pinch runner Marcus Wilson from third base
Read more »
A’s finally win one; Murphy, Kaprielian starOakland A’s pitcher James Kaprielian earned his first win of the season Friday night in Seattle as the A’s beat the Mariners 3-1. Kaprielian pitched six innings, allowed three hits and struck out f…
Read more »
Agency clears way for Oakland A's $12 billion ballparkA California agency has cleared the way for the Oakland Athletics to move forward with a $12 billion waterfront ballpark project. The San Francisco Bay Conservation and Development Commission voted
Read more »
Ex-MLB player Jeremy Giambi 'seemed different' after baseball head injury before death by suicideThe former Oakland A's slugger became 'very emotional, very negative' after he was hit in the head six months before he died, his family told the coroner. Drug tests came back negative, a report shows.
Read more »
US stocks see worst first half drop in more than 50 yearsThe S&P 500 index dropped by more than 20%, while major indexes around the world also fell sharply.
Read more »
Gas Prices Drop Ahead Of July 4th–Here’s How Much Higher They Are Than Prior YearsGas prices fell again Saturday to $4.822, but are still in unprecedented territory during the busy July Fourth holiday weekend.
Read more »