A video showing several abandoned homes in a 'zombie' neighborhood in Austin, Texas, has become viral online as the former pandemic boomtown is experiencing an exodus of residents.'Austin developers are giving up on neighborhoods,' Austin realtor Jeremy Knight said in the video published on YouTube on Tuesday.'Look at this: We are in a neighborhood in south Austin, and it's completely abandoned right now.
The city was particularly hit by the housing market correction that followed the price peaks of early summer 2022. Between late summer 2022 and spring 2023, home prices modestly dropped across the country as many aspiring homebuyers were squeezed out of the market by suddenly much higher mortgage rates and demand declined.But whereas the price drop at the national level was minimal, home prices plunged in Austin.
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