Home › Forums › Housing › Peter Schiff: Housing prices will go back to 2000 or lower… › OK kewp you are right. Let’s
OK kewp you are right. Let’s use oil as the fundamental metric to assess price and returns.
Q: Was there a bubble in housing in San Diego from 1998 to 2005?
Prices in 1998 … Median-priced house: 195 K Barrel of oil: $11.91 That’s 16,373 Barrels per house.
Prices in 2005 Median-priced house: 540 K Barrel of oil: $50.04 That’s 10,800 Barrels per house.
A: Nope. There was no housing bubble. As measured by barrels of oil, housing prices actually declined by 34% in San Diego from 1998 to 2005.
