Home Prices are COLLAPSING in San Francisco

Homeowner equity is getting wiped out across cities like San Francisco, Austin, and Boise, where owners are doing big price cuts on houses and selling at massive losses.

In many cases, these owners are underwater on their mortgage, with over 1 million Americans now having negative equity according to data from CoreLogic. A trend which will likely continue in future months as homebuyer demand in the US Housing Market remains at near record low levels.

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The biggest seller price drops are happening in San Francisco. Where it's very easy to find owners making big reductions and selling at a loss. The reason San Francisco is getting hit so hard is because its housing market is 1) very expensive and 2) getting hit by an economic downturn. The result is that many homeowners are being forced to sell and prices are declining.

This downturn in prices is likely to spread to the rest of America in 2023 and 2024 as the economic downturn gets worse and more homeowners look to convert their home equity into cash. Right now the Conference Board's Index of Leading Economic Indicators shows that we're heavily in recession territory and that an increase in unemployment rate and forced selling is coming.
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