Today’s data reveals a more apparent slowdown in June, with the annual pace dropping to 17.3%. Even though that is by far the most significant reduction since records have been kept, there is a concern. Price growth preceding these declines broke records. Given that we have had extraordinary price growth in the last few years, this could be the precursor to a significant decline. However, the ability to avoid a deep recession would likely reduce the amount in which property values decline.

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