Goldman Sachs says 4 cities likely to see a 2008-style housing crash: report
The investment bank shied away from predicting a nationwide crash, but warned that residents in four cities in particular could see plummeting values that echo the 2008 housing collapse
The “overheated” markets mentioned in the note were: San Jose, California; Austin, Texas; Phoenix, Arizona; and San Diego, California
Prices are expected to fall less than 2% in cities like New York and Chicago, according to Goldman, and even grow in others, like Baltimore and Miami
In cities where valuations have drifted far from fundamentals, the decline is expected to be far more devastating