http://www.census.gov/const/uspricemon.pdf
I was curious as to when a house last sold for $45,000. A used house. Well this charts new homes. I estimated a used house must sell for $45,000 circa 1978-79. Check out the link if you want.
Decades of median house prices...was 1975 prices a prediction?
By KILLERJANE Follow Mon, 9 Jan 2012, 9:27pm 1,330 views 10 comments
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I dispute that data emphatically.
It pretends the bubble never even happened.
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I knew a guy who bought a 3 + 1 1/2 home in Los Angeles, near Cal State LA. in 1973. He was a school teacher and told me he paid aroung $18,500 for it and made a similar amount as a teacher ($18,000 per year).
What do teachers make in LA nowadays? And could they buy a house for an amount equal to one years salary in the same area today?
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Well, data I believe was from the census. However it is averaged. I would agree that big bubble states like CA NV AZ etc double and tripled in prices over the course of 6-7 years. Some quadrupled.
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And I remember the median price in 1998 through 2000 being more like 110K to 120K. That data shows Nov 1999 $172,000, we didn't have that in south Florida until after 2002.
I started saving up for the DP 99 or 2000, when the average house was around 120K. In 2002 I was out of work for the whole year. By time I got back to working in 2003 the median had already gone from 120 to $170K-180K in just one short year. Then it just kept going from there, the median was around 400K by 2006.
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It's a great time to buy in some areas. Like Florida for instance, the deals there are very good for you to buy now. What do you think.
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The Census workers just by default, aren't America's creme of the brightest crop. Especially this last census, where the *OA dredged the bottom rung of society to fill the census positions, so he could pad the employment Stats.
Let's not kid our selves, this last Census was an overwhelming failure. It was more about putting on a media show, than it was about collecting valid data.
*Obama Administration
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San Leandro, CA
Anaheim Ca. Purchased new 1965 @ $27,500. Sold 1974 @ $45,000.00
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It is not so unusual for a property to double in a decade.
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San Leandro, CA
KILLERJANE says
not in the last thirty years anyway. Two reasons changed EVERYTHING
Up to 1973 only one wage earner's income was considered on a mortgage. 1974 Both incomes were included. (once upon a time, Men brought home the Bacon ) Women were earning 73 % of what men were earning and what a coincidence, Real property sales prices rose 73%. That was just a "COUNT DOWN". The Computer was introduced to the public about 1983 and completed the BLAST OFF.
That mission is in the books. Real Property sales prices will return to 2.5 times the wage earners income.
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The GOP says
Damn, I never thought I say this, but GOP has said something that is both meaningful and correct. The data does not even show a small bubble and clearly is misleading if not downright wrong.