As the US housing market returns to sanity, researchers say these 5 cities are primed for deep price cuts
Half off on home prices is good for new buyers, bad for recent buyers underwater in a gigantic real estate ponzi scheme owing more on their mortgage than their home is now worth ..... echoes of 2008.
As the US housing market returns to sanity, researchers say these 5 cities are primed for deep price cuts
Lauren Bird
Sun, September 4, 2022, 12:00 PM
If you’ve been squeezed out of the tight housing market over the past couple of years waiting for the opportunity to buy, you might finally get your chance – and some places are already looking more attractive for buyers.
The housing market is beginning to cool and cities that have seen an “influx of affluence,” as Rick Palacios, Jr. calls it, may see prices drop the farthest.
Palacios is the director of research at John Burns Real Estate Consulting, which delivers analysis on the housing market to clients such as builders, realtors and investors.
He’s predicting a significant downturn in the housing market in Boise, Austin, Nashville, Phoenix, Sacramento and other cities where prices climbed during the COVID-19 pandemic as more people moved to them.
“These are some of the markets where we were anticipating the steepest price declines in 2023,” says Palacios.
Once tight markets will be leading the way down
They’re the cities people flocked to during the pandemic, garnering them the nickname “Zoom towns." They have a high quality of life and traditionally lower housing prices than the major centers.
And since the beginning of the pandemic, people who could work remotely have
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