Home prices are falling fastest in these 10 U.S. cities

Home prices in various parts of the U.S. are tumbling as mortgage rates shoot up to their highest level in years. The drop has been especially steep in once red-hot markets like Austin, Texas.

Across the country, home prices have fallen by thousands of dollars in recent months as sellers face a dwindling pool of potential buyers. Los Angeles, Sacramento and San Francisco in California are also seeing declines, with each city recording a 3.2% or higher drop during the summer,Despite the drop, home prices are still higher today than they were this same period last year, Danielle Hale, chief economist at Realtor.com said in the report.

"As interest rates continue to move higher, we expect that mortgage rates should also rise, cooling housing demand, and therefore potentially contributing less to inflationary pressures in the coming year," analysts at the Wells Fargo Investment Institute said in a report."We do not expect a repeat of 2008."

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