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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.

6 Responses to “When’s the last time housing prices were this low?”

1. Mike in Nola Says:
   June 21st, 2011 at 3:50 pm

   Too bad Houston, the the 4th largest city in the country, is not in the survey. But making sale prices public is a hanging offence here, thanks to a conspiracy of the HAR (think NAR), who want the marks kept in the dark, and those who want to lie to the county about how much their home is worth so they can cheat on property taxes.

2. cthwaites Says:
   June 21st, 2011 at 5:49 pm

   This (lousy housing numbers) is going to go on for years until people realize that no, they don’t need over sized, costly to run, badly built houses. Houses aren’t cheap (I know Barry has mentioned this before with the NAR); closing, taxes, running costs make it all still very expensive. When average house prices equal 2x average income, then housing will be cheap.

3. MayorQuimby Says:
   June 21st, 2011 at 8:21 pm

   “this low”?

   The median wage is about $50,000. Housing has historically sold at 2.5x income which would put it at about $125K. Low interest rates might push prices up a bit but….

   1. Excess supply
   2. Career instability
   3. Record cost of living – property taxes, fuel, food etc.
   4. Bad credit
   etc

   should all suppress prices. Even withOUT an overshoot to the downside, prices are still pricey.

4. Winston Munn Says:
   June 21st, 2011 at 9:44 pm

   What’s the opposite of “Wealth Effect”?

5. MayorQuimby Says:
   June 21st, 2011 at 10:11 pm

   Egg-zactly.

6. Doomed Enough? « Out Of My Mind Says:
   June 23rd, 2011 at 5:50 am

   [...] The American middle-class: pretty much dead, dead, dead. [...]