Professor Mark J. Perry's Blog for Economics and Finance
Posted 9:45 AM Post Link
Mark,Is there a similar historic index for rents in the same regions? In terms of identifying if a bubble exists, that would be enormously helpful, and it doesn't look like they're tracked in FRED.Thanks in advance for following up!
Great data.P.S. the comparison would be a lot easier and your point much more powerful though if the scale on the Y axis was the same on each graph. As it currently is, you need to look hard to see that prices have gone up by six times in Florida compared to 2.5 times in Texas.
Surprisingly, there is an article on CNN.com about the positive impacts of the oil boom. It talks about a rancher who struck oil in North Dakota and how he and his 70 closest relatives are set for life.It also talks about small towns which are exploding in size over night as oil firms move in. Hotels being overbooked, houses not being built fast enough, etc.I think the main selling point of drilling off-shore is not so much that it can fix our energy problems forever or that it can significantly lower the price of gas, but its simply the fact that oil is $118/barrel and we need that money now above ground and not below. You can make an argument that countries like Saudi Arabia, with huge account surpluses, might want to keep oil underground. But we need this oil above ground to help close our account deficit and via taxes our fiscal deficit. Finally, it will help areas that need the help the most right now: Florida and California.
Steamboat Lion (my neighbor),Your wish has, to a degree, been granted (before your comment was read).Although I did not include Texas in my chart, you will find Colorado compared to California and Florida at my local Blogspot.Actually, this link grants your original wish.
Machiavelli999,I trust you are fully aware of the full extent of our domestic potential.Click here for the rest of the story.
The real estate price graphs would be clearer if the vertical axis was in log rather than arithmetical scale. That way, a doubling would be the same measure all the way up.
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Fred,Wish granted (click here).
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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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