Over half of American homes lost value over the last year, the highest number since...2012. More importantly, even the media is catching on that something big changed this summer in real estate. The reason why the housing market is retreating isn't interest rates. Lower mortgage costs have not sparked a turnaround in the face of all expectations they would.

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Zillow 53% of U.S. homes lost value in the past year, the most since 2012
https://investors.zillowgroup.com/investors/news-and-events/news/news-details/2025/53-of-U-S--homes-lost-value-in-the-past-year-the-most-since-2012/default.aspx

Home Value Declines Spread, But Losses Since Last Sale Are Rare
https://www.zillow.com/research/home-value-decline-35724/

Bloomberg Job and Housing Stresses Are Caught in a Vicious Loop
https://www.bloomberg.com/opinion/articles/2025-11-21/job-and-housing-stresses-are-caught-in-a-vicious-loop

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