What cities have the biggest home price declines, as of Jan 2023:
Boise -12.3%
Idaho Falls -10.8%
Carson City -10.3%
Coeur d'Alene -10.2%
San Francisco -10.0%
Austin -9.9%
Phoenix -9.6%
Sacramento -9.2%
Stockton -8.8%
Reno -8.6%
I will do one of these for SoCal counties later. Most of SoCal is ~ -2% . The last crash saw drops of 30% or more. That’s not happening yet. The safety net this time around is the lack of homes for sale. It’s crimping Buyers ability to negotiate lower prices.
What's your take on many bigger cities in the west around Los Angeles(but not LA itself) taking a major hit? My guess is, in part. due to the So Cal'ers that were fleeing California for a few years, spiking during the pandemic, slowed the human outflow recently because of the economy.
The biggest reason there will not be as big a foreclosure crisis, or a short sale orgy is that people actually put down money to buy their homes this time around, so walking away is not so easy. People will still lose it all, but they won't just buy two new cars and flee the second their home value drops 1% under purchase price.
Two on the list that kind of suprise me are San Francisco where prices always seem high and Coeur d’Alene. My buddy paid over a mil for a dingbat condo at Nob Hill with HOA’s $700 a month. That was a few years back though. And Coeur d’ Alene, with as gorgeous a lake you’ll find anywhere was always like trying to buy in Sun Valley where prices are in the stratosphere. Maybe a good deal will come up and I could finally afford to live on that lake LOL.
Thanks for keeping us updated with the market.