A conceptual illustration depicting housing in the United States. via Getty Images Rapidly rising mortgage rates have more than doubled this year.
Pair that with a record increase in home prices, and many prospective buyers have been pushed out of the market. But recent data from a mortgage lending data specialist offers some relief.
Each month, the Black Knight Mortgage Monitor looks at a variety of issues related to home prices, affordability, and inventory levels across the country.Data from August 2022 showed housing prices are continuing to come off pandemic peaks — and that one area of the country, in particular, is seeing the highest drop.Data showed median home prices fell 0.98% in August 2022, following July’s lead which saw a decrease of just over 1%."The housing market has not seen such a significant two-month drop in prices since shortly after the collapse of Lehman Brothers in the winter of 2008," Black Knight said in its report.
Lehman’s bankruptcy in September of 2008 marked the start of the global financial crisis and was a major catalyst of the financial meltdown.