Home values plunge in some U.S. cities as mortgage rates rise
CBSN
Some of the largest U.S. cities in the West have seen their home values plunge this summer, a trend that economists say favors house hunters.
The typical home value dipped 0.3% nationwide from July to August and 0.1% from June to July, Zillow said in a report this week. It is the largest monthly decrease since 2011. Los Angeles, Sacramento and San Francisco in California experienced some of the sharpest decreases, with each city recording a 3.2% or higher drop. Salt Lake City, Utah, and Seattle, Washington, also saw steep declines of 2.6%.
Residential real estate values are falling in those cities because they've "hit an affordability ceiling," Zillow senior economist Nicole Bachaud told CBS MoneyWatch, adding that "demand is pulling way back."
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