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