Home prices drop in July, mortgage delinquency rate hits 2.89%

Aug. 24 (UPI) — U.S. home prices fell by 0.77% from June to July, the biggest single month drop in home prices since January 2011.

It was the largest single-month drop in home prices since January 2011, CNBC reported, citing mortgage data firm Black Knight. But home prices were still 14.3% higher in July compared with July 2021.

“We’ve been advising for quite some time that the dynamic between interest rates, housing inventory and home prices was untenable from an affordability perspective, and at some point, something would have to give,” said Black Knight VP Andy Walden.


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