patrick.net
An Antidote to Corporate Media
1,363,645 comments by 15,740 users - stereotomy online now
Comments 1 - 2 of 13 Next » Last » Search these comments
1
Â¥
2011 Jul 3, 9:28am
Â¥
2011 Jul 3, 9:28am
"propping up" high-end in a given market supports all housing in that market.
If the high end falls from $700,000+ to $600,000+, what was $600,000 will also fall, and this chain reaction of adjustment will continue right down to the cheapest POS on the market.
2
mdovell
2011 Jul 3, 9:37am
“propping up†high-end in a given market supports all housing in that market."
Would you say that for all housing markets though? SF I can see that being true but I'm not sure if that really applies to NYC or D.C.
Comments 1 - 2 of 13 Next » Last » Search these comments
http://www.bloomberg.com/news/2011-06-28/banks-appetite-for-jumbos-may-soften-blow-of-new-loan-limits.html
This is only in a few markets. Most notably SF, NYC, Florida Keys and Washington (I'm assuming D.C).
I can't find any numbers for the Keys but it looks like at least from what I see at the 75th percentile only SF will be affected.
www.deptofnumbers.com/asking-prices/california/san-francisco/ No other metro area has the 75th above say 550K
I always thought when they originally raised this that it was odd that technically it appears that the government was attempting to prop up high ended housing.
#housing