After falling nearly 7% from a cycle high in June 2022 - well short of predictions made late last year for a 12% peak-to-trough fall - average house prices started rising again in February and are now only around 1% below their peak.

Source: https://www.marketscreener.com/quote/stock/KEEP-INC-156623642/news/Short-U-S-housing-correction-likely-over-tight-supply-to-keep-prices-high-44735146/?utm_medium=RSS&utm_content=20230830

The above scenario suggests higher loan losses peak-to-trough especially for unsecured credit as the rise in unemployment is higher from a low starting point of 3.5%.

Source: https://seekingalpha.com/article/4579731-citigroup-and-the-ccar-question?source=feed_all_articles