Home Prices across America are DROPPING FAST according to New Data from Redfin. Metros like Austin, Dallas, San Jose, Denver, and Las Vegas have some of the biggest declines in Median Sale Price over the last 3 Months. In total, there are over 180 Cities where Home Prices are Declining.
The US Housing Crash is spreading. Not only have markets on the West Coast started to Crash. But so have Housing Markets across Florida, Texas, and Tennessee. This contagion is the sign of a Global Housing Crash – one where most countries across the world experience Home Price Declines.
Home Prices in Countries like Canada, Australia, and Sweden have declined significantly over the last 6 Months. This would be the 3rd Global Housing Crash of al-time. The previous two occurring in 1929 and 2007. Global Crashes are worse due to the Contagion effect that occurs.
Looking at data from the Last Global Housing Crash – it becomes apparent that prices started declining in September 2006. A full two years before Lehman Brothers occurred. And 3 Years before Foreclosures peaked.
Foreclosures are starting to surge on the US Housing Market. Data from ATTOM Data Solutions shows that they’re back to Pre-Pandemic levels. And in markets like Dallas they’re surging over the last several months. These Foreclosures will continue to increase as the Recession and Housing Crash get worse.
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