Saturday, February 9, 2008

Some food for thought: Housing Bubble & California

According to the N.A.R. website and public awareness campaign "building wealth", realtors would have you believe this:

"Over the past 30 years, the median price of existing homes has increased an average of more than 6 percent every year, and home values nearly double every 10 years, according to historical data from NAR’s existing home-sales series."

Realtors across the US just love to take the nation to school with their historical data (which no one has full access to except themselves) and self-serving advocacy of tax credits, stimulus packages and expansion of jumbo mortgage limits.

Well, in the spirit of furthering education and embracing a larger point of view about real estate, it might be wise for Californians (real estate is local!) to at least consider what has really happened in the past, the events that brought us to the housing crash of 2007-2008, and what is happening right now:

And this:

And this:

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