Data from the Zillow Home Value Index document mid-tier condo price declines of 15-33% from 2021-2024 peaks across 24 markets, with Cape Coral and Oakland leading at -33% and -31%. Primary records show these drops follow prior surges of 50-70% in two years and cumulative gains of 180-350% over the prior decade. Multiple perspectives emerge: local buyers in oversupplied Florida and Texas metros gain entry points, while existing owners and leveraged investors face equity erosion; banks holding condo-backed exposure may see rising loan-to-value ratios, though Federal Reserve aggregate data indicate diversified portfolios have buffered similar episodes. Policymakers face contrasting signals—some metros have already retraced to 2006-2007 peaks, others remain elevated—complicating uniform interventions. Zillow methodology, drawing on tax records, MLS, and off-market transactions, captures broader trends than median-price snapshots. FHFA House Price Index corroborates softening in single-family segments but shows slower condo adjustments, underscoring tenure-specific dynamics missed in aggregate reporting. Connections to prior cycles reveal parallels with 2008 regional busts, yet current labor-market resilience and lower leverage differentiate trajectories. Secondary coverage often emphasizes national averages, understating how dense urban condo markets amplify wealth effects on consumption.