City by city data for US markets is just out showing how much prices fell in the year and how far they’ve come down since the market top. Here’s what last year looked like in some major US markets:
South of the border: city -by-city breakdown of latest Case-shiller data
Las Vegas: Prices down 8.8%, and 61% below peak.
Los Angeles: Prices down 5.2%, and 41% below peak.
Miami: Prices down 3.8%, and 51% below peak.
New York: Prices down 2.9%, and 24% below peak.
Phoenix: Prices down 1.2%, and 55% below peak.
Portland: Prices down 4%, and 29% below peak.
San Francisco: Prices down 5.4%, and 41% below peak.
Seattle: Prices down 5.6%, and 32% below peak.
Remember, it’s not a bubble, it’s a balloon. Balloons don’t pop, they deflate. Slowly over the course of many years.
Hat tip to VMD for the link.
Hello everybody, it’s Friday and you know what that means.. It’s Free-for-all time, our end of the week news roundup and open topic discussion thread.
Here are a few recent stories to kick off the chat:
–BOC warns of ‘debt shock’ if house prices drop
–Inventory graph: growth slowing but still steep
–RRSP contributions shrink to 1970s levels
–Mortgage fraud blooming in Canada
–Our debt vs. pre-meltdown levels in USA
–Housing Collapse in mississauga. literally.
–Shill article linked by Forbes gone from Vancouver Sun?
–First time buyer bonus to make a difference in suburbs
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So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!
Update: Patriotz linked to this image of the Macleans March 5th cover, it’s a doozy: