Monday, December 1, 2008

Following Up: Real Estate Bottom?

On June 24th, Brick Oven declared a qualified housing bottom, based on Price Schiller’s April data.

Were we right?

Prices Up Since
Boston (1%)
Denver (2%)
Cleveland (<1%)
Dallas (1%)

Prices Down <5% Since
Atlanta (-1%)
Chicago (-2%)
Tampa (-4%)
Detroit (-4%)
Charlotte (-1%)
New York (-2%)
Portland (-3%)
Seattle (-4%)

Prices Down >5% Since
Phoenix (-15%)
Los Angeles (-10%)
San Diego (-10%)
San Francisco (-13%)
Washington DC (-6%)
Miami (-12%)
Las Vegas (-13%)

The Federal Reserve map appearing above indicates that there never was a significant housing bubble in lots of places. Our declaration appears to be fairly accurate in the majority of the American landmass. The Balkanization continues in high immigration areas.

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