Looks to me like the real estate crash is a little more than half way over. In most cities the best bet for when it is over is when the prices reach their inflation adjusted 2000 levels. Why 2000? Because that was the price people were paying for homes before they expected them to be such amazing investments. Since no one is fooled into thinking homes are a good investment right now they will pay what they think they are worth as a place to live. I could see them getting cheaper than they were in 2000 but outside a few cities that really did get a stronger job market(Merced?) I really can't see them settling at a price higher than it was in 2000. Also the supply of housing in America is particularly high right now because we have been building so much. This factor could easily drive the price of a home to a level lower than it was in 2000, but will make it difficult to justify a higher home price than 2000 in most areas.
Anyways, here are a bunch of graphs from zillow.com. Orange is for the particular city, green is the national average:
Chicago, IL:
Detroit, MI:
Miami, FL:
Los Angeles, CA:
Merced, CA:
Fresno, CA
Clovis, CA
San Jose, CA:
San Francisco, CA:
Las Vegas, NV:
Ithaca, NY:
Buffalo, NY:
Rochester, NY:
Syracuse NY:
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