Banking Strategist

HPI Price Walk:

2000 to Peak: Home prices more than doubled - up 118%, or 12.4% annualized.

Peak to Trough: Decline nearly equal to prior price gains - down 46%, or (21.6)% annualized.

Trough to COVID: Home prices surging again - recovering all price losses; up 7.7% annualized.

COVID to Fed Tightening: Home prices surge 16.8% annualized.

Fed Tightening: Home prices fall (9.8)% annualized.

Fed Pause to Current: Home prices rose 2.1% annualized.

HPI Price Walk:

2000 to Peak: Home prices up 2.75X, or 174%, or 15.2% annualized.

Peak to Trough: Decline of 42%, or (20.2)% annualized.

Trough to COVID: Home prices surging again - recovering price losses; up 5.7% annualized.

COVID to Fed Tightening: Home prices surge 17.0% annualized.

Fed Tightening: Home prices fall (1.5)% annualized.

Fed Pause to Current: Home prices rise 5.8% annualized.

HPI Price Walk:

2000 to Peak: Home prices up 2.5X, or 150%, or 15.8% annualized.

Peak to Trough: Decline of 42%, or (16.0)% annualized.

Trough to COVID: Home prices surging again; up 5.7% annualized.

COVID to Fed Tightening: Home prices surge 21.5% annualized.

Fed Tightening: Home prices fall (3.1)% annualized.

Fed Pause to Current: Home prices rose 5.9% annualized.