As interest rates have risen to combat inflation, the investment bank forecasted that four US cities should prepare for a seismic decline.
As interest rates continue to skyrocket, home prices across the country have continued to plummet — and Goldman Sachs says the declines will only worsen and extend through 2023.
San Jose, California; Austin, Texas; Phoenix, Arizona; and San Diego, California will likely see boom and bust declines of more than 25%. “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. As a result, we are raising our forecast for the 30-year fixed mortgage rate to 6.5% for year-end 2023 ,” the strategists say.
Goldman credits these cities as having the lowest prices in the coming year because they got too detached from fundamentals during the pandemic housing boom.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Exclusive: Goldman Sachs to cut asset management investments that weighed on earningsGoldman Sachs Group Inc's asset management arm will significantly reduce the $59 billion of alternative investments that weighed on the bank's earnings, an executive told Reuters.
Weiterlesen »
Tesla May Benefit From US Economy 'Soft Landing,' Goldman Sachs Reports'soft landing,' effectively steering the economy clear of recession while maintaining inflation, companies like Tesla could benefit greatly.
Weiterlesen »
Wall Street is excited about Chinese tech — and loves one mega-cap stock in particularGoldman Sachs, Morgan Stanley and others all name one Chinese tech name as a top pick.
Weiterlesen »
A Journey Into the Paul T. Goldman Cinematic UniverseSeven actors remember their experiences on the bizarre Peacock meta docuseries, 'Paul T. Goldman.' Hershal_P reports
Weiterlesen »
‘Passages’ Sundance Film Review: Ira Sachs’ Polyamorous Drama Excites & FrustratesIra Sachs’ latest film centers on a three-way relationship between two men and a woman as they navigate their way through love, lust and heartbreak. Passages begins on a film set. Tomas (Fran…
Weiterlesen »
Cloverfield Director Reveals the Meaning of the Film's Final SceneThe director of the 2008 found-footage film Cloverfield recently offered more information on the cryptic final scene often debated by fans.
Weiterlesen »