Monday, August 28, 2006
Ok, so, per Atrios I take a look at this chart in the Times on home values. Let's just say, as a property owner, I may have passed the peak point of selling, which I've been contemplating for a few years now.
The graph looks at home values over the decades, centuries actually, starting all the way back in 1890, as a Yale economist measures prices of homes as an investment. (If you click on the image it should get bigger in your browser). It starts at a value of 100, just to have a standardized benchmark that can be measured over the years. It dips down to 66 with the advent of mass production techniques, and also the Great Depression years of the 1920s, and then sort of levels out for many years in the 110, 120 area. But, lately, well, you can see how the value has spiked way, WAY up.
Now, thankfully, Manhattan real estate is a world unto itself, unlike much of the rest of the country. Everyone assumed it would plummet after 9-11, but, damn, if it didn't actually get stronger. And if that shit couldn't kill it, I don't know what can. But, all the signs are pointing to a MAJOR cooling in the U.S. housing market.
This chart is scary. I think I may have to sell this mofo soon if I want to move to L.A., and work out there, or even cash it all in, make beaucoup bucks from the sale, and just be a beach bum somewhere in the Keys. I could totally get into that.
Posted by J at 10:03 PM
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