U.S. Home Prices Turn Negative, Sellers Finally Give Up Ground

U.S. ⁠home prices⁠ have officially turned negative. For many months, sellers have resisted adjusting to current market conditions—until now. This could bring short-term pain for flippers and sellers, but overall, it’s a step in the right direction for a housing market that desperately needs prices to soften before it can become unstuck.   We’re back with more headlines from last week, including new data that suggests ⁠foreclosures⁠ are quietly approaching pre-pandemic levels. ⁠Inflation⁠ remains high, and affordability continues to be an issue, but how close are we to seeing serious distress?   On the topic of affordability, home builders are no longer being held to the 2021 International Energy Conservation Code, meaning ⁠new construction⁠ homes could become available at an even more affordable price point in the future. Meanwhile, wages are up. Despite rent growth remaining relatively flat, renters have more breathing room, which is ultimately a good sign for the overall health o...