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US housing market sees $2.3T drop in value, biggest since 2008

Posted on AllSides February 24th, 2023
From The Right
David Paul Morris/Bloomberg via Getty Images

The U.S. housing market suffered the biggest drop in value since 2008 as home prices came crashing down.

That's according to a new report from real estate brokerage firm Redfin, which showed that the total value of U.S. homes tumbled from a record high of $47.7 trillion in June 2022 to $45.3 trillion at the end of the year — a decline of $2.3 trillion, or 4.9%. 

It marks the biggest drop in percentage terms since the 2008 financial crisis, when home values plunged by 5.8% from June to December.

During the COVID-19 pandemic, home...

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https://www.foxbusiness.com/economy/us-housing-market-sees-drop-value-biggest-2008

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