<p><a href="https://www.dailywire.com/topic/goldman-sachs" target="_blank" rel="noopener">Goldman Sachs</a> recently informed its clients that it expects home values to tank in four major markets across the U.S. amid worsening economic conditions.</p>
<p>The investment bank predicts that San Jose, California; San Diego, California; Austin, Texas; and Phoenix, Arizona; could see a crash on the level of the 2008 housing crash.</p>
<p>Fox News <a href="https://www.foxbusiness.com/economy/goldman-sachs-says-4-us-cities-will-suffer-2008-crash-home-values" target="_blank" rel="noopener">reported</a> that the market crashes in those cities could be worse than 25%.</p>
<p>&#8220;Our 2023 revised forecast primarily reflects our view that interest rates will remain at elevated levels longer than currently priced in, with 10-year Treasury yields peaking in 2023 Q3,&#8221; Goldman Sachs said in a report. &#8220;As a result, we are raising our forecast for the 30-year fixed mortgage rate to 6.5% for year-end 2023 (representing a 30 bp increase from our prior expectation).&#8221;</p>
<p>&#8220;This [national] decline should be small enough as to avoid broad mortgage credit stress, with a sharp increase in foreclosures nationwide seeming unlikely,&#8221; the report added. &#8220;That said, overheated housing markets in the Southwest and Pacific coast, such as San Jose MSA, Austin MSA, Phoenix MSA, and San Diego MSA will likely grapple with peak-to-trough declines of over 25%, presenting localized risk of higher delinquencies for mortgages originated in 2022 or late 2021.&#8221;</p>
<p>Goldman Sachs said that home prices are also expected to take a small hit in New York City and Chicago. Baltimore and Miami were expected to see small gains.</p>
<p>The report added, &#8220;Assuming the economy remains on the path to a soft landing, avoiding a recession, and the 30-year fixed mortgage rate falls back to 6.15% by year-end 2024, home price growth will likely shift from depreciation to below-trend appreciation in 2024.&#8221;</p>

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Top Investment Bank Projects 4 U.S. Cities Will Suffer A 2008-Level Crash In Home Value

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Top Investment Bank Projects 4 U.S. Cities Will Suffer A 2008-Level Crash In Home Value