Housing All-Stars: First Half 2008 in Review. Acceleration in Foreclosures, Historical Price Declines, Stimulation Checks, Expensive Texas Tea, and Job Losses.
Unless you follow the housing market closely, you may think that not much in the housing market has changed. Yes, in January we already knew that the housing market was having problems but these last 6 months have added fuel to the flame. In January, the year over year drop for Southern California was 13.3% and the median price was $425,000. That may seem horrific and was a record but measure that with data 6 months later that now has the year over year drop at 26.7% and a median price of $370,000. The velocity of the drop intensified exponentially during this time frame.
We can also measure this against national price changes with looking at the Case-Shiller data. In January when the data was released, the most recent data indicated the following:
20 City Composite
November 2006: 204.65
November 2007: […]
Original post by drhousingbubble
