Home News Housing Prices Are Expected to Drop in These Cities — Is Yours One of Them?

Housing Prices Are Expected to Drop in These Cities — Is Yours One of Them?

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House price With a new report from Moody’s Analytics, for each fortune, it could drop by as much as 10% in many cities in the United States. but, Dip Does not represent National house price revisionAccording to Mark Zandi, Chief Economist at Moody’s.

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Rather, according to Zandy, house price increases will reach zero year-on-year within the next 12 months. He predicts that some of the highest-priced housing markets will experience a decline.

Zandi believes that the cooling market is due to the rapid rise in mortgage rates in already overvalued markets. He doesn’t think the current price represents a housing bubble, he told Fortune, because overestimation of the market is not speculative. But he said he sees “speculation creeping up” in markets like Phoenix and Charlotte. Fortune reports that these markets are overvalued by 46% and 33%.

If the housing market is overvalued, it means that home prices are higher than expected compared to average local income. According to a Moody’s survey, 96% of the 392 metropolitan markets considered are “overrated” and 149 are at least 25% overvalued.

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Fortune has also published an interactive chart showing the most overrated markets. The range of values ​​is -6%, which is lower than expected when considering local income, up to 73% in Boise, Idaho, the country’s most overrated city.

The most overrated cities (and regions) where home prices are expected to fall by 5% to 10% over the next 12 months include:

  • Boise, Idaho — 73%.

  • Sherman-60% Denison, Texas.

  • Muskegon, Michigan — 59%.

  • Morristown, Tennessee — 57%.

  • Homo Sassa Springs, Florida — 57%.

  • Lake Havasu City — Kingman, Arizona — 56%.

  • Kahului-Wailuku-Lahaina, HI — 55%.

  • Dalton, Georgia — 55%.

  • Flagstaff, Arizona — 51%.

  • Pocatello, Idaho — 49%.

  • Bremerton Silverdale-Port Orchard, WA — 48%.

  • Albany Lebanon, OR — 48%.

  • Idaho Falls, ID — 48%.

  • Nashville-Davidson-Murfreesboro-Franklin, Tennessee — 48%.

  • Palm Bay-Melbourne-Titusville, Florida — 48%.

  • Clarksville, Tennessee / KY — 48%.

  • Bellingham, WA — 47%.

  • Myrtle Beach-Conway-North Myrtle Beach / North Myrtle Beach – 47%.

  • Phoenix-Mesa-Chandler, Arizona — 46%.

  • Cleveland, Tennessee — 46%.

  • Asheville, NC — 46%.

  • Flint, Michigan — 46%.

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This article was originally GOBankingRates.com: Home prices are expected to fall in these cities — are you one of those cities?

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