Home Prices Through August 2009

By Barry Ritholtz - October 28th, 2009, 6:15AM

Nice interactive chart in the NYT, in an article that is surprisingly realistic:

“Even as new figures show house prices have risen for three consecutive months, concerns are growing that the real estate market will be severely tested this winter.

Artificially low interest rates and a government tax credit are luring buyers, but both those inducements are scheduled to end. Defaults and distress sales are rising in the middle and upper price ranges. And millions of people have lost so much equity that they are locked into their homes for years, a modern variation of the Victorian debtor’s prison that is freezing a large swath of the market.”

Home Prices in Selected Cities, Through August 2009
click for graphic

via NYT

Source
Fears of a New Chill in Home Sales
DAVID STREITFELD
NYT, October 27, 2009

http://www.nytimes.com/2009/10/28/business/economy/28home.html

PERMALINK
Category: Real Estate.

Comments

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

4 Responses to “Home Prices Through August 2009”

PithyDog Says:
October 28th, 2009 at 6:53 am
Groundhog Day.

You either qualify for a home of choice or you don’t.

Excerpt from article:

‘In my office, people were buying homes left and right because of that tax credit,” said Kitty Berberick, who works for an insurance company in Las Vegas. “That credit was a godsend.”

Manipulation nation.
Bruce in Tn Says:
October 28th, 2009 at 7:09 am
Agree with Pithy: I wonder what marginal tax rates will be in 12 months. And another bailout of GMAC.

Taxation nation.
Its Me Says:
October 28th, 2009 at 8:05 am
What is interesting about that chart is the lag and lead time between various cities.

San Diego went negative in Aug 06
Boston went negative April 06
Vs
Portland in Jan 08
Charlotte in Jun 08

Almost a two year spread in the change in fortunes for these cities. East – West coast doesn’t seem to matter.
Gatsby Says:
October 28th, 2009 at 11:03 am
Its Me makes a great point. I found the Portland/Seattle lag interesting. I wonder what caused it?

Also look at Detroit (if you can stomach it). I had a great dinner conversation this weekend about whether or not Detroit will be just another large town 100 years from now. It certainly is looking more and more that way. Maybe it will fall into Lake St. Clair or just get annexed by the City of Windsor? Revisit the Treaty of Ghent anyone?