This graphic, sent by Bloomberg today, shows and confirms what most of us already know about the real estate market in this country. For decades single-family housing sales bumped along with occasional spikes that almost immediately came back down again.
Then, starting around 2000 home prices began to creep up (the "bubble") with only small corrections that soon reversed themselves. This upward climb continued until the peak, around 2005-2006 when the unthinkable began to happen.
Those little upticks stopped happening and the plunge into a very deep hole just kept going and going and going. This fall has taken us back (according to this Bloomberg chart) to pre-1963, when some of our parents were buying homes.
For Winnetka, Wilmette, or Kenilworth, homes have certainly not reduced in value that much. In fact, I don't think that even nationwide this is an accurate average. Most homes here are being sold at around 2000 levels, just back at the point when the epic rise began.
What about your local housing market? Is this chart even remotely accurate?
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