Some U.S. home areas that have grown quickly during the pandemic may face a downturn in 2023, according to Goldman Sachs. Although the investment group did not foresee a national meltdown, it did caution that residents of four cities would experience sharp drops in value that are comparable to the 2008 housing crisis. San Jose, Austin, Phoenix, and San Diego were the four markets that were listed in the message.

According to the report, a cooling housing market is currently being caused by purchasers being turned off by high mortgage rates and rising home prices. Austin is no longer the nation's hottest real estate market, according to recent statistics. In certain locations, including New York and Chicago, prices are predicted to drop by less than 2% while increasing in others, like Baltimore and Miami.

The fall is anticipated to be severe in locations where valuations have diverged significantly from fundamentals. For people who purchased homes in these locations purely as investments, this news is pretty unpleasant. They might have to wait a while until their home's value reaches the cost price. The fall in prices have completely taken the US real estate market by a huge blow.

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