DENVER — Denver is leading the U.S. housing downturn, with 91% of homes losing value over the past year, according to new Zillow data.
The Denver metro area posted the broadest declines of any large city, outpacing Austin (89%), Sacramento (88%), and both Phoenix and Dallas (87%).
Nationwide, more than half of American homes—53%—saw their Zestimate values fall as of October 2025, a sharp rise from just 16% a year earlier. It marks the highest share of homes losing value since April 2012.
Zillow said the trend reflects affordability pressures, high mortgage rates and weakening demand across large swaths of the country.
President Donald Trump is working on a solution to the affordability crisis, but his idea is generating controversy.
The president has teased 50-year mortgages, saying they could lower monthly payments by spreading costs over a longer period.
Supporters say a longer mortgage term would lower monthly payments and help more people buy homes.
Critics counter that borrowers would pay far more interest over time and build equity more slowly, because early payments would primarily go toward interest.