Source: CNBC —
Some homeowners are losing wealth as high mortgage rates weigh on home values, at least on paper, as the once red-hot housing market cools quickly.
Sales have been slowing down for several months, with mortgage rates now double what they were at the start of this year.
Home prices, likewise, dropped 0.77% from June to July, according to a recent report from Black Knight, a software, data and analytics company. While that may not sound like a lot, it was the largest monthly decline since January 2011 and the first monthly drop of any size in 32 months.
“Annual home price appreciation still came in at over 14%, but in a market characterized by as much volatility and rapid change as today’s, such backward-looking metrics can be misleading as they can mask more current, pressing realities,” wrote Ben Graboske, president of Black Knight Data & Analytics.
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