San Francisco Bay Area House prices -4.3%, condos -5.7% since July, Seattle house prices -5.9%, most since Housing Bust 1; Los Angeles, San Diego, Denver, Portland, New York condos, Boston decline. Dallas ticks up.
The Risks of American Consumer Debt Hide Beneath the Averages.
And where do Chinese consumers fit in?
Inventory continues to surge. Potential buyers move on.
Residential Construction Skids, Nonresidential Construction Stagnates. The delay gave markets a break from lousy data.
But deposit-taking banks have pulled back.
San Francisco Bay Area & Seattle lead with biggest multi-month drops since 2012; San Diego, Denver, Portland, Los Angeles decline. Others have stalled. A few eke out records.
Who Wins in a Housing Bust?
Fact is, home prices cannot outrun wages forever.
The hope in early January has been unwound.