Goldman Sachs is forecasting that four US cities should brace for a decline in housing prices of more than 25%, a plunge not seen since the housing market collapse in 2008.
In an advisory to its clients this month, Goldman said home prices in San Jose, Austin, Phoenix and San Diego will experience boom-to-bust pendulum swings that will likely take prices down this year by more than 25% compared to 2022 peaks, the NY Post reported.
The Wall Street investment titan said these declines will rival the collapse in home prices during the Great Recession, which saw prices fall 27% as measured by the S&P CoreLogic Case-Shiller index.
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