How low will housing prices go?
Yale University economist Robert Shiller predicts a larger drop in housing prices than during the Great Depression.
"I think there is a scenario that they could be down substantially more," Shiller said during a speech at the New Haven Lawn Club. "Basically we're in uncharted territory. It seems we have developed a speculative culture about housing that never existed on a national basis before."
Shiller thinks it is crazy that people think housing prices should increase 105 annually.
Barney Frank & Chris Dodd are wanting the Federal Reserve to spend $300 billion on mortgages for struggling homeowners.
Facts:
- Housing price drop during the Great Depression: 30%
- Great Depression Era: 1930's
- Drop in housing from 2006 to April 2008: 15%
- Housing price rise 1997 to 2006: 85% adjusted for inflation
- Biggest housing boom in U.S. history: 1997 to 2006
- April 2008 Median home price: $200,700
- Drop in last year: 7.7%
- Drop in single-family home sales: 2% in march
- Single family homes sold annually: 4.93 million
Comments:
- Housing has to adjust with people's income in order for people to afford it. Very simple, if housing values have risen by 70% since 1997 and the home buyer are not making 70% more since 1997, then watch out. No way real estate can continue to rise out of control forever. You would have to be a fool to believe so, and a bigger fool to put your money there
- Bay Area Housing Bubble Wiki
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