Housing prices are continuing to cool off — and data shows one area of the country, in particular, is seeing the highest drop.
Rapidly rising mortgage rates have more than doubled this year. Pair that with a record increase in home prices, and many prospective buyers have been pushed out of the market. Each month, the Black Knight Mortgage Monitor looks at a variety of issues related to home prices, affordability, and inventory levels across the country.
"The housing market has not seen such a significant two-month drop in prices since shortly after the collapse of Lehman Brothers in the winter of 2008," Black KnightLehman’s bankruptcy in September of 2008 marked the start of the global financial crisis and was a major catalyst of the financial meltdown. It was the largest ever bankruptcy in U.S. history, with Lehman listing $639 billion in assets at the time.
Time will tell what these housing prices will do as the market begins to enter its natural down season. Prices have pulled back from peak levels in 97 of the nation’s 100 largest markets, including all of the top 50. Las Vegas, Austin, Minneapolis, Washington, Raleigh, and Nashville have also shed 3% or more of home values in recent months, and that list of non-western markets is likely to continue to grow, Black Knight said. The Midwest also boasts several of the cities that have become the most affordable right now, requiring a payment-to-income ratio of about 25%.
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