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EastCoastBubbleBoy
@
2009 Dec 29, 10:35am
EastCoastBubbleBoy
@
2009 Dec 29, 10:35am
Back to the original point, the latest Case-Shiller Numbers (released today, from October, 2009) idicate that :
All in all, this report should be described as flat.†says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s.
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I keep coming back to the idea that maybe the housing market is bottoming out. Granted it depends on where you live, but I'm starting to think that on a national scale, the bottom may be far closer than we'd care to admit to. I'm going to dig up some data, and I will post it a bit later.
OK... I took 10 Random Zip Codes, ball-parked the current house values (using Zillow) and then compared it with historic data (via the 1999 US census. and the 2007 ASC community survey). I have incomplete income data for 2007, but am working on getting it. For now, I have adjusted 1999 census data to approximate 2007 income until better data can be found.
The results of this unscientific back of the envelope analysis is this:
In 1999 90% of these random zip codes were "affordable";that is the Median Price / Median HH Income. Now, 50% are "affordable" not great, but certainly not as bad as I had expected. Even in my own area, prices have come down somewhat.
#housing