Worst housing market downturn since 2008

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U.S. homeowners have lost a staggering $2.3 trillion in market value since June as higher interest rates drive down demand in the formerly red-hot housing market, and many economists predict the decline will continue throughout the year, as mortgage costs remain elevated and keep sidelining potential buyers.

The total value of U.S. homes has fallen from a record high of $47.7 trillion in June to about $45.3 trillion at the end of last year—representing the largest June-to-December drop since the subprime mortgage crisis was unraveling in 2008, real estate brokerage Redfin reported Wednesday.

Read more at Forbes.com

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Chuck comes from a lineage of journalism. He has written for some of the webs most popular news sites. He enjoys spending time outdoors, bull riding, and collecting old vinyl records. Roll Tide!