Prices skid in the San Francisco Bay Area, Seattle & New York. Other markets lose steam. A few power on. Crushed markets scramble to new (low) highs.
It has been shrinking its way out of the City for years. And it’s not the first major company to make the move.
It’s not always in the states with the highest home prices.
But rents surge in 22 other markets by the double-digits.
The cities that are not among “the most splendid housing bubbles.”
Despite startup millionaires, house & condo prices in SF Bay Area and condo prices in NY City fall from a year ago. Seattle down again. Los Angeles, Las Vegas lose steam. Phoenix, others running hot.
Last time prices fell like this was during the Financial Crisis. But now, there is no crisis.
Ironically, house prices dropped the most in Silicon Valley.
Signs are now all over Silicon Valley and San Francisco.
Strongest argument in favor of an air-walking economy is WeWork, Uber, Lyft, and other unicorns destined to never make a dime. Throwing billions of dollars at these losers is a recessionary harbinger.