Rising mortgage rates are sending home prices lower
Abstract
In September, the typical Southern California home price for the six-county region dropped 0.6% from August to $817,316. That hasn’t happened since early 2012. Few, if any, major real estate experts predict prices will fall like they did during the Great Recession. But values are coming down in many corners of the country. The price declines are in many parts of the U.S. and in many areas. The sagging stock market might see prices fall further this time around. The Sagging stockMarket may see prices falling further this year. ‘It’s nothing to sneeze at, says Richard Green, Director of the USC Lusk Center for Real Estate. “These will probably be the most significant price declines seen outside from maybe a couple other instances in history,’ he says.