Goldman Sachs Update
Goldman Sachs just told us the obvious. In a ‘bombshell’ report to clients recently, Goldman Sachs wrote they expect Austin, and three other cities, would experience a drastic market decrease of more than 25% from their recent peaks. They compared it to 2008 when prices nationwide fell 27%. I have one word for Goldman Sachs: Duh! We’ve been tracking this for quite a while. The Austin area real estate prices for resale homes peaked last May and have fallen since then. How much? 22.5%. So congratulations Goldman Sachs for making the bold prediction that prices will fall another 2.5% in Austin. Maybe if they’d made that prediction a year ago, I’d be more impressed.
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