Monday March 6th 2023 Slump in Home Prices Just Hit These Major Cities Hardest

As the housing market continues to struggle, many major cities are seeing significant declines in home prices.

According to the latest data, these cities have suffered some of the biggest drops in median sale prices over the past year.

The following is a look at five cities that are feeling the effects of this downward trend.?

Phoenix, Arizona: -1.9%

Portland, Oregon: -1.9%

Las Vegas, Nevada: -1.8%

Seattle, Washington: -1.8%

San Francisco, California: -1.8%

Denver, Colorado: -1.3%

San Diego, California: -1.3%

Minneapolis, Minnesota: -1.2%

Chicago, Illinois: -1.2%

Dallas, Texas: -1.1%

Detroit, Michigan: -1.1%

Charlotte, North Carolina: -1.0%

Boston, Massachusetts: -0.9%

Tampa, Florida: -0.9%

Cleveland, Ohio: -0.8%

Los Angeles, California: -0.8%

Atlanta, Georgia: -0.7%

Washington, D.C.: -0.4%

Miami, Florida: -0.3%

New York, New York: -0.2%

As you can see, many of the biggest declines are in cities on the West Coast, including Seattle, San Francisco, and Los Angeles.

This is likely due to the fact that these markets saw some of the biggest bubbles during the housing boom, and they are still working their way back to more sustainable levels.

Interestingly, New York City is the only major market on the East Coast that is seeing prices decline.

This is likely due to the fact that the city was hit hard by the financial crisis and has yet to fully recover.

If you're thinking of buying a home in any of these cities, it's important to do your research and be aware of the risks involved.

Home prices could continue to fall, and it could take years for the market to fully recover.

At the Law Offices of Omar Zambrano, we understand if you can't pay your mortgage due to layoffs or illness and this can bring on a lot of stress and strain, especially when it comes to legal matters.

That’s why we offer Free Consultations to help you with your legal problems.

Whether you need advice regarding Eliminating Debt or Saving your Home from Foreclosure, Attorney Omar Zambrano can provide you with personalized attention and professional guidance.?

Our goal is to make sure you have all the information you need in order to make informed decisions about your case.

From finding out what steps are necessary for filing paperwork correctly, to understanding all possible outcomes of your case, our team will be there every step of the way.

Contact the Law Offices of Omar Zambrano today for a Free Consultation by calling 626-338-5505.

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