What Goes Up Must Come Down?
Updated: The chart above from Zillow.com shows property values in the Sacramento, CA zipcode 95843, going from about $250,000 in 2003 to almost $400,000 in late 2005 (+60%) and now back down to about $244,000.CARPE DIEM
Professor Mark J. Perry's Blog for Economics and Finance
Wednesday, June 18, 2008
Updated: The chart above from Zillow.com shows property values in the Sacramento, CA zipcode 95843, going from about $250,000 in 2003 to almost $400,000 in late 2005 (+60%) and now back down to about $244,000.About Me
- Name: Mark J. Perry
- Location: Washington, D.C., United States
Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan. Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
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3 Comments:
Prices may drop even further because the value of many foreclosed houses has decreased in real-terms. Both from normal wear and tear, and from those who were foreclosed vandalizing their property in retaliation for being foreclosed upon.
In any housing bust prices tend to correct further than the historical average price. This bust will be no different. House prices still have a way further down to go. Don't look for price to bottom until late 09, and don't look for a housing recovery for several years after that.
"to almost $400,000 in late 2002"
That should be "to almost $400,000 in late 2005", correct?
Yes, thank you very much for the correction, I have fixed it now and I apologize for the error.
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