Banking Strategist

HPI Price Walk:

2000 to Peak: Home prices rose only 40%, or 5.2% annualized.

Peak to Trough: Decline of 14%, or (6.2)% annualized.

Trough to COVID: Home prices surging again; up 5.8% annualized.

COVID to Fed Tightening: Home prices surge 17.5% annualized.

Fed Tightening: Home prices fall (3.8)% annualized.

Fed Pause to Current: Home prices rose 0.6% annualized.

HPI Price Walk:

2000 to Peak: Home prices rose only 26%, or 3.2% annualized.

Peak to Trough: Decline of 11%, or (7.1)% annualized.

Trough to COVID: Home prices surging again; up 5.0% annualized.

COVID to Fed Tightening: Home prices surge 20.9% annualized.

Fed Tightening: Home prices fall (2.5)% annualized.

Fed Pause to Current: Home prices rose 1.3% annualized.

HPI Price Walk:

2000 to Peak: Home prices nearly 2.4X, or 13.0% annualized.

Peak to Trough: Decline of 62%, or (17.1)% annualized.

Trough to COVID: Home prices surging again; up 10.0% annualized.

COVID to Fed Tightening: Home prices surge 18.5% annualized.

Fed Tightening: Home prices fall (5.1)% annualized.

Fed Pause to Current: Home prices rose 7.5% annualized.

HPI Price Walk:

2000 to Peak: Home prices nearly 2.3X, or 12.9% annualized.

Peak to Trough: Decline of 56%, or (15.5)% annualized.

Trough to COVID: Home prices surging again; up 8.4% annualized.

COVID to Fed Tightening: Home prices surge 23.9% annualized.

Fed Tightening: Home prices fall (5.1)% annualized.

Fed Pause to Current: Home prices rose 2.5% annualized.