(Via WaPo)
Wednesday, November 28, 2012
House Price Recovery Chart
As would be expected, the housing recovery on a percentage gain basis is strongest in the areas which saw the greatest collapse. There is fundamental attractiveness to living in warm states such as California, Arizona, Nevada and Florida. It's Fed money manipulation that creates the bumpy, roller-coaster ride.
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So, would Peter Schiff's predictions be considered wrong?
ReplyDeleteI'm an avid listener, and I recall him saying housing prices will continue to fall. Perhaps he didn't take into account the bernank's money printing to create another housing bubble.
Well, I suppose he will be right in the end, once this second bubble is blown up completely and pops again.
Perhaps Denver, CO, is the real estate market that has maintained its value over the years. For example, the home at 2907 Pierson Way, Lakewood, CO, 80215, in Applewood, is listed at $345,000.
ReplyDeleteLakewood is a suburb west of Denver, and is centered on the Denver Federal Center and the Denver West Office Complex. I use to live in that area, but found the winters to cold and the summers to warm; and the air pollution a little too much, so I moved to Bellingham WA for the milder coastal climate.
Thanks to a continuing rising M2, growing attendance at Western Washington University and Whatcom Community College, and shoppers from Vancouver coming to shop at Fred Meyers, and Bellis Fair Mall, Bellingham has been thriving economically.
Dave Gallagher of the Bellingham herald reports Personal income rose in all 366 metropolitan statistical areas for the first time since 2007. Whatcom county’s growth in 2011 was nearly identical to 4.4 percent increase nationwide in per capita personal income. Personal income, as defined by the bureau, is the income received by all persons from all sources. Along with net earnings at work, it includes rental and interest income as well as government benefits. Whatcom's per capita personal income of 38,000, in 2011 ranked 153rd highest out of the 366 metro areas. Whatcom's increase was not strong enough to begin closing the gap in the Seattle, WA, area. According to the bureau, per capita personal income in the Seattle area rose 4.6 percent in 2011, to $51,000. Odessa, TX, had the largest annual increase in per capita personal income, at 12.4 percent. According to the report, both areas reported strong earnings growth in oil/mining and related activities. Biloxi, MS, had the slowest annual growth, at 0.3 percent. Much of the growth in personal income came from work (up 5.5 percent) and property income (up 7.6 percent) across all of the metro areas. Transfer receipts, which include Social Security and unemployment insurance, increased by 1.5 percent in 2011, down from a 7.1 percent increase in 2010. Bridgeport, CT, had the highest annual per capita personal income among metro areas, at $78,504. McAllen, TX, had the lowest, at $21,620.