{"id":144691,"date":"2022-09-15T10:44:16","date_gmt":"2022-09-15T16:44:16","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=144691"},"modified":"2024-01-05T17:28:21","modified_gmt":"2024-01-06T00:28:21","slug":"home-prices-are-declining-should-investors-panic","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/home-prices-are-declining-should-investors-panic","title":{"rendered":"Home Prices Are Declining\u2014Should Investors Panic?"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm?e=BIGPOC6201931942&#038;light=false\" width=\"100%\"><\/iframe>  \n\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">It. Has. Begun.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">2008 has returned, or at least that\u2019s what many have been saying.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">In July, for the first time in 32 months,&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/calculatedrisk.substack.com\/p\/black-knight-median-house-prices\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">prices declined<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;from one month to the next.&nbsp;<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"512\" height=\"295\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/onemonth-median-change.png\" alt=\"one month change in median home price\" class=\"wp-image-144696\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/onemonth-median-change.png 512w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/onemonth-median-change-300x173.png 300w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><figcaption class=\"wp-element-caption\"><em>One-Month Change in Median Home Price &#8211; <a href=\"https:\/\/calculatedrisk.substack.com\/p\/black-knight-median-house-prices\" target=\"_blank\" rel=\"noreferrer noopener\">Calculated Risk<\/a><\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Now, it should be noted that home values are still up 14.3% year-over-year, which is how prices are usually measured. This just means that the price of the average home sale in July 2022 was 0.77% less than in June.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">What\u2019s Happening In The Market<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">As would be expected, some markets were affected much more than others. San Jose, California, saw price declines of a full 10% from its peak, whereas Richmond, Virginia, only fell 1.1%. A handful of markets were still up in July as well.&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/TheShortBear\/status\/1567592974275543041?cxt=HHwWgoC8gabgmsErAAAA&amp;fbclid=IwAR1tTkIOzsOYjLL3-kbG74eSTal_QQUq52fj3M00EnR8jvCvCxYFgR9Luqk\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">35% of markets declined<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;in July, whereas only 20% saw prices rise. And overall, the numbers were down.<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"512\" height=\"288\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/nathomeprices.jpeg\" alt=\"national home price movement\" class=\"wp-image-144695\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/nathomeprices.jpeg 512w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/nathomeprices-300x169.jpeg 300w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><figcaption class=\"wp-element-caption\"><em>Direction of Home Prices Over the Last Month (July 2021-July 2022) &#8211; <a href=\"https:\/\/twitter.com\/TheShortBear\/status\/1567592974275543041?cxt=HHwWgoC8gabgmsErAAAA&amp;fbclid=IwAR1tTkIOzsOYjLL3-kbG74eSTal_QQUq52fj3M00EnR8jvCvCxYFgR9Luqk\" target=\"_blank\" rel=\"noreferrer noopener\">The Short Bear<\/a><\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">What\u2019s important to keep in mind is that this was all but bound to happen. The market had been so absurdly hot that there was really only one way for it to go. Real estate prices had&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/fred.stlouisfed.org\/series\/MSPUS#0\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">gone up almost 34%<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;since the first quarter of 2020, after a decade of unprecedented housing appreciation.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Some people who claim that another 2008-like crash is around the corner like to point out that <a href=\"https:\/\/www.biggerpockets.com\/blog\/on-the-market-32\" target=\"_blank\" rel=\"noreferrer noopener\">housing affordability<\/a> is as bad as it\u2019s been since the years leading up to the 2008 crash.<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"512\" height=\"349\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/housing-affordability.png\" alt=\"housing affordability price index\" class=\"wp-image-144694\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/housing-affordability.png 512w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/housing-affordability-300x204.png 300w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><figcaption class=\"wp-element-caption\"><em>Housing Affordability Price Index &#8211; <a href=\"https:\/\/calculatedrisk.substack.com\/p\/inflation-adjusted-house-prices-declined?utm_source=substack&amp;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener\">Calculated Risk<\/a><\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">At some point, people simply can\u2019t afford to pay any more for housing, especially with interest rates going up and the Fed indicating they&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cnbc.com\/2022\/06\/13\/fed-reportedly-may-hike-rates-by-three-quarters-of-a-point-this-week.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">will continue to raise rates<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;until inflation is back under control.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">But it\u2019s also important to keep things in perspective. The real estate market has declined in the past without it collapsing. 2008 is at the top of everyone\u2019s mind in large part because it was the most recent recession, not because it is the most comparable to current market conditions.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">In the grand scheme of things, prices would have to decline a lot just to wipe out&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/calculatedrisk.substack.com\/p\/will-house-prices-decline-nationally\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">the gains of the last few years.<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;Indeed, housing prices&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.businessinsider.com\/home-prices-wont-come-down-millennials-cant-afford-homeownership-2022-6\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">fell 33% in The Great Recession<\/span><\/a><span data-preserver-spaces=\"true\">, which, if it were to occur again, would only wipe out the gains real estate has made since the beginning of 2020!<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"512\" height=\"344\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/YoY-median-price.png\" alt=\"YoY change in median prices NAR vs Case-Shiller\" class=\"wp-image-144693\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/YoY-median-price.png 512w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/YoY-median-price-300x202.png 300w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><figcaption class=\"wp-element-caption\"><em>YoY Change: NAR Median Home Price vs. Case-Shiller National Home Price Index &#8211; <a href=\"https:\/\/calculatedrisk.substack.com\/p\/will-house-prices-decline-nationally\" target=\"_blank\" rel=\"noreferrer noopener\">Calculated Risk<\/a><\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The thing that many forget is that 2008 was not just a significant decline in home values. It was a financial crisis predicated on a massive number of defaults, foreclosures, bank failures, and bailouts. In other words, prices falling was not a crisis in and of itself. Instead, prices going down triggered that crisis as it created a feedback loop as additional foreclosures caused home prices to decline further and so on as things spiraled out of control.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">And while mortgage default rates are rising, they&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.consumerfinance.gov\/data-research\/mortgage-performance-trends\/mortgages-30-89-days-delinquent\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">are still significantly below historical averages<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"512\" height=\"425\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/percetnage-of-deliquency.png\" alt=\"percentage of mortgage delinquencies\" class=\"wp-image-144692\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/percetnage-of-deliquency.png 512w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/percetnage-of-deliquency-300x249.png 300w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><figcaption class=\"wp-element-caption\"><em>Percentage of Mortgages 30-89 Days Delinquent Nationally (2008-2021) &#8211; <a href=\"https:\/\/www.consumerfinance.gov\/data-research\/mortgage-performance-trends\/mortgages-30-89-days-delinquent\/\" target=\"_blank\" rel=\"noreferrer noopener\">Consumer Finance Protection Bureau<\/a><\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">As I noted in&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/this-housing-market-isnt-like-2008-but-you-should-still-be-concerned\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">a previous piece<\/span><\/a><span data-preserver-spaces=\"true\">, the only major similarity between 2008 and today is that housing prices are soaring. Virtually everything else is different and makes a collapse unlikely.<\/span><\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><em><span data-preserver-spaces=\"true\">We are undoubtedly reaching the limits of affordability for Americans to buy a home, especially with rising interest rates. This by itself should cool the real estate market off (which we\u2019re already seeing) and could cause a correction.\u201d<\/span><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><span data-preserver-spaces=\"true\">\u201cBut everything else, from lending standards to economy-wide inflation to the ratio of fixed mortgages to adjustable-rate mortgages to the still massive housing shortage make a 2008-like collapse highly unlikely.<\/span><\/em><\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The NINJA loans and stated income approvals of the early to mid-aughts&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.investopedia.com\/terms\/n\/ninja-loan.asp\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">are mostly gone<\/span><\/a><span data-preserver-spaces=\"true\">. The teaser rates are almost all gone and upwards of&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.financialsamurai.com\/adjustable-rate-mortgages-as-a-percentage-of-total-loans\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">95%<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;of mortgages being taken out today are fixed rates. (And any loans taken out in the last few years were taken out with extremely low, fixed interest rates that will be unaffected by the Fed\u2019s actions.) Subprime mortgage originations are&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/news.cuna.org\/articles\/116675-subprime-mortgages-and-the-financial-crisis?page=2\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">less than 20%<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;of what they were in 2006, and all-cash purchases&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.redfin.com\/news\/all-cash-home-purchases-2021\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">are almost 50% higher<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">In addition, homeowner equity&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.statista.com\/statistics\/375865\/value-of-homeowner-equity-usa\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">is up almost 50%<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;from 2006 (and over 150% from the trough of 2011), which provides (most) homeowners with a substantial cushion in case prices decline. Inflation is also quite high right now (<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nbcnews.com\/business\/economy\/inflation-august-2022-consumer-prices-of-food-gas-rcna47291\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">8.3% for August<\/span><\/a><span data-preserver-spaces=\"true\">), whereas it&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.macrotrends.net\/countries\/USA\/united-states\/inflation-rate-cpi\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">was quite low<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;before the 2008-crash. This means that real estate prices can decline in real terms without substantially affecting the number of equity people have in their homes.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The government has also made it clear with&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crsreports.congress.gov\/product\/pdf\/R\/R46688\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">the help they\u2019ve provided to renters facing eviction<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;after the moratorium expired that they will not tolerate another housing crisis and will spend whatever is necessary to prevent it, even if inflation goes back up because of it. And now that the Fed has raised rates above their historic lows, they have the room to drop rates if the market gets too hairy.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">In other words, while real estate prices will almost certainly decline, the likelihood of a financial crisis is low, and the possibility that housing is what precipitates such a crisis is very low.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Final Thoughts<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">So, the answer to whether investors should panic is no.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">That being said, the economy is far from good. Inflation is high, labor force participation is low, and growth has been negative for two straight quarters. Real estate prices are likely to decline over the next year, and interest rates will continue increasing for the foreseeable future.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">It is a time for caution to say the least. Do not assume any appreciation in your analysis and bump up your interest rate expectations.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">That being said, the extremely hot market we have had for the previous few years has made it substantially more challenging to source deals. As the market softens, more potential deals should start to open up.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Recessions don\u2019t need to be catastrophic to open up opportunities. So be cautious but keep pounding the pavement as potential deals should become more plentiful in the coming months.<\/span><\/p>\n\n\n\n<div class=\"wp-block-group border border-gray-200 p-6 rounded-md has-slate-50-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n    \n  <div \n    id=\"segemnt-view-event-block_624f52525847f\" \n    class=\"  \"\n    x-intersect:enter.once=\"\n      analytics.track('On The Market Blog Sponsor View', {\n        referrer: 'https:\/\/www.biggerpockets.com\/blog\/home-prices-are-declining-should-investors-panic',\n              })\n    \">\n    \n  <\/div>\n  \n\n\n<h3 class=\"has-text-align-left mt-0 wp-block-heading\"><strong>On The Market is presented by Fundrise<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Fundrise-logo-horizontal-fullcolor-black-1024x252.png\" alt=\"\" class=\"wp-image-142373\" width=\"256\" height=\"63\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Fundrise-logo-horizontal-fullcolor-black-1024x252.png 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Fundrise-logo-horizontal-fullcolor-black-300x74.png 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Fundrise-logo-horizontal-fullcolor-black-768x189.png 768w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Fundrise-logo-horizontal-fullcolor-black.png 1380w\" sizes=\"auto, (max-width: 256px) 100vw, 256px\" \/><\/figure>\n\n\n\n<p class=\"mb-0 wp-block-paragraph\" style=\"font-size:16px\"><strong>Fundrise is revolutionizing how you invest in real estate.<\/strong><\/p>\n\n\n\n<p class=\"mt-0 has-slate-600-color has-text-color wp-block-paragraph\" style=\"font-size:16px\">With direct-access to high-quality real estate investments, Fundrise allows you to build, manage, and grow a portfolio at the touch of a button. Combining innovation with expertise, Fundrise maximizes your long-term return potential and has quickly become America\u2019s largest direct-to-investor real estate investing platform.<\/p>\n\n\n\n<div id=button-custom-event-block_624f4a1837234 class='button-custom-event'>\n      <a href=\"https:\/\/t.sidekickopen84.com\/s3t\/c\/5\/f18dQhb0S7kF8cpngfW16gy-_59hl3kW7_k2841CX6NGN35Qwt3rN_mgW56Jw3w1HcgXpf197v5Y04?te=W3R5hFj26QkH2W4hJTY63T3pkxW3Fbt5S3Cdl5cf49M_4s04&#038;si=8000000019411002&#038;pi=6988e0ed-1aea-4af5-9769-8a0de4675eeb\" x-on:click=\"window.analytics.track(&#039;On The Market Blog Sponsor Click&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/home-prices-are-declining-should-investors-panic&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\" rel=\"noopener\">Learn more about Fundrise<\/a>\n  <\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>It. Has. Begun. 2008 has returned, or at least that\u2019s what many have been saying. In July, for the first time in 32 months,&nbsp;prices declined&nbsp;from one month to the next.&nbsp; [&hellip;]<\/p>\n","protected":false},"author":1689,"featured_media":144700,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7381,7119],"tags":[],"class_list":["post-144691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-prices","category-biggerpockets-daily"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/144691","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/1689"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=144691"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/144691\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/144700"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=144691"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=144691"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=144691"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}