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Fortune

Lance Lambert

These 49 housing markets to see home prices fall over 15%—this interactive map shows Moody’s updated forecast for 322 markets

Mark Zandi Moody United States Home Prices Housing Market Ore Fortune Moody Analytics Jerome Powell Boise

The reason U.S. home prices are falling is pretty simple: Pressurized affordability.

A historic mortgage rate shock—with the average 30-year fixed mortgage rate jumping from 3% to 6% this year—following the Pandemic Housing Boom's 41.3% run-up in U.S. home prices in just over two years has simply pushed many would-be buyers to their breaking point. Other borrowers, who must meet lenders' strict debt-to-income ratios, have lost mortgage eligibility altogether. That historic squeeze, which comes from prices and rates, is what Fortune calls "pressurized affordability."

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