Examples would be useful, rather than handwaving. Taking a look at the home value history for each... Random home in Southern CA: https://www.zillow.com/homed

Examples would be useful, rather than handwaving. Taking a look at the home value history for each... Random home in Southern CA: https://www.zillow.com/homedetails/1414-N-Center-St-Orange-CA-92867/25424365_zpid/ https://www.zillow.com/homedetails/1414-N-Center-St-Orange-C... Random home in Boulder CO: https://www.zillow.com/homedetails/175-Gold-Run-Rd-Boulder-CO-80302/13217081_zpid/ https://www.zillow.com/homedetails/175-Gold-Run-Rd-Boulder-C... Random home in Edmond OK: https://www.zillow.com/homedetails/7105-Robey-Dr-Edmond-OK-73034/21799447_zpid/ https://www.zillow.com/homedetails/7105-Robey-Dr-Edmond-OK-7... Random home in Jacksonville FL: https://www.zillow.com/homedetails/7226-Nottinghamshire-Dr-Jacksonville-FL-32219/71034808_zpid/ https://www.zillow.com/homedetails/7226-Nottinghamshire-Dr-J... I could go on, but I think the trend mentioned (~10% drop) is consistent across the US.