The Long Life Span of a Housing Downturn

Saturday, June 02, 2007 | 01:00 PM

20070602_charts_graphic_2

 

Graphic courtesy of NYT

Interesting graphic from Floyd Norris this morning in the NYT (above) from the article The Long Life Span of a Housing Downturn:

Excerpt:

"The trends in home sale numbers are similar, however. In the first couple of months after the peak, sales did not slip as much in 1989, but by the ninth month they were off about as much as they are now, with new-home sales particularly hard hit.

One thing that was very different at the 1989 peak from the one in 2006 was the trend in the number of homes being offered for sale. When prices peaked in 1989, the number of homes for sale was already declining, and it continued to fall for some months, perhaps reflecting decisions by homeowners to hold on and wait for prices to come back.

In 2006, however, the number of homes for sale rose as the peak neared, and the latest report shows that more than 4.1 million homes were for sale at the end of April, the largest number ever. That included almost 3.6 million existing homes, also a record high."



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Source:
The Long Life Span of a Housing Downturn      
FLOYD NORRIS
NYT, June 2, 2007
http://www.nytimes.com/2007/06/02/business/02charts.html

Saturday, June 02, 2007 | 01:00 PM | Permalink | Comments (15) | TrackBack (0)
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Comments

so, looks like in the worst case, in 1989, houses fell about 8% in value? That's it?

It depends on the market, but, here in chicago, I guess I should just drop anchor and finally buy a place. . . if the drop is only 8%, then, what's the big deal.

Posted by: critical thought | Jun 2, 2007 1:29:53 PM

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