Would a Housing Crash Hurt Equity Residential's Earnings?

Would a Housing Crash Hurt Equity Residential's Earnings?

Over the past few months, home price appreciation has stalled out and prices have begun to decline. In a note to clients, Goldman Sachs reportedly recently said that some markets could see a 2008-style decrease of 25%. The Goldman Sachs note cited four markets in which prices could fall 25% from their peaks: Phoenix; San Diego; San Jose, California; and Austin, Texas.