Is Real Estate Better Now Than Four Years Ago
Sometimes the simplest of graphics explains it all. In this case, Steve Harney has published this graph from his KCM Blog which compares national median home sale prices, PMI, and mortgage rate of August 2012 and August 2008.
The National Association of Realtors median price shows a four-year decrease in home values of 11% - which is probably accurate knowing that some spots in Northern California hardly felt the real estate crash and others, like Florida, Nevada and Arizona felt the brunt of it.
Now these numbers are much lower than we have in Winnetka and other North Shore suburbs like Wilmette and Kenilworth, but the ratios are accurate. In fact, I would have to admit that some of my market reports have shown larger decreases than 11% - sometimes closer to 20%.
Are we at the bottom? Some days it feels like it - but talk of continuing Middle East unrest, high unemployment numbers, and a generally fearful buying public make me wonder. I'll have to chime in with others who say let's wait until the elections are over and reassess.
Comments(4)