US House prices

Kennyboy66

http://www.standardandpoors.com/indices/sp-case-shiller-home-price-indices/en/us/?indexId=spusa-cashpidff--p-us----


US housing now 34% down on peak and back to 2002 levels.

Feast on that ursine readers.

FTBFun

Bit of a long commute though.

mr_fishbulb

FTBFun wrote: »

Bit of a long commute though.

Yes but First Time Buyers need to make sacrifices don't ya know. iPods, holidays, travelling across less than 5 time-zones to get to work, etc.

Kennyboy66

Oh I thought it might be interesting, house prices recovering a little then starting a slide back down.

Of course the UK housing boom was greater but then again they don't have the same supply contstraints.

chewmylegoff

mr_fishbulb wrote: »

Yes but First Time Buyers need to make sacrifices don't ya know. iPods, holidays, travelling across less than 5 time-zones to get to work, etc.

rather that make these sacrifices, i will be moving to detroit and using my ipod to work from home.

Thrugelmir

Kennyboy66 wrote: »

Oh I thought it might be interesting, house prices recovering a little then starting a slide back down.

Of course the UK housing boom was greater but then again they don't have the same supply contstraints.

Different market entirely to the UK.

purch

2002 levels are fine.

If they get anywhere near 1997 levels then I'm out :eek:

worldtraveller

The housing market started off the new year with a thud. Home prices dropped for the fifth consecutive month in January, reaching their lowest point since the end of 2002.

The average home sold in that month lost 0.8% of its value, compared with a month earlier, and prices were down 3.8% from 12 months earlier, according to the S&P/Case-Shiller home price index of 20 major markets.

Home prices have fallen a whopping 34.4% from the peak set in July, 2006.

CNN Money

the_flying_pig

and still their post-crunch economic performance has easily outpaced ours.

shortchanged_2

worldtraveller wrote: »

The housing market started off the new year with a thud. Home prices dropped for the fifth consecutive month in January, reaching their lowest point since the end of 2002.

The average home sold in that month lost 0.8% of its value, compared with a month earlier, and prices were down 3.8% from 12 months earlier, according to the S&P/Case-Shiller home price index of 20 major markets.

Home prices have fallen a whopping 34.4% from the peak set in July, 2006.


CNN Money

But..but...but.... Hamish says you can't have economic recovery without rising house prices. :huh:

michaels

I wonder how the demand supply demographics and population growth compare between the US and UK. I suspect that they have similar levels of population growth? However I suspect that land remains in ready supply so in the long run in most of the US house prices should not exceed construction cost plus the cost of alternative land use - farming?

Are prices also falling in cities where supply is constrained (assuming there are such cities in the US)?