Map shows the 10 U.S. cities with the biggest home price drops

Filed 46m ago · Via Newsweek · The Buffoon Desk

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Kevin MacLeod · incompetech.com · CC BY 4.0

Photo: President (1977-1981 : Carter). White House Staff Photograph · Public domain · via Wikimedia Commons

Realtor.com data show median listing price per square foot fell year-over-year in 36 of the 50 largest U.S. metros in August, the tenth straight month of national decline, with Austin down 8.1 percent, Tampa down 5.6 percent and Memphis down 4.1 percent. San Francisco, San Antonio, Denver, Baltimore, San Diego, Orlando and Portland rounded out the top ten decliners.

Realtor.com economist Jake Krimmel attributed most of the drops to pandemic-era boomtowns giving back unsustainable gains as inventory swells past pre-pandemic levels, while cautioning that San Francisco's dip reflects a shift toward cheaper, larger suburban listings rather than falling values. Providence, Indianapolis and Chicago posted gains instead.

Meanwhile Freddie Mac put the average 30-year fixed mortgage rate at 6.71 percent this week, undercutting President Trump's repeated Truth Social demands that the Federal Reserve slash rates, including a threat to 'stop trading with countries with which we have a deficit' unless rates fall.

The full dispatch is available from the source below.

✒ FROM THE EDITORIAL DESK

The president keeps hollering at the rate like it's a dog that won't come when called, and the rate just keeps sitting there at 6.71 percent looking back at him. Prices dropping in Austin and Tampa might sound like relief until you remember the monthly payment is the thing that actually breaks a budget, not the sign in the yard. Shouting on the internet has never once lowered anybody's mortgage.

Source: Read the original at Newsweek → Scored: At Rest · Kevin MacLeod · CC BY 4.0

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