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August 28, 2008 at 1:11 AM in reply to: Los Angeles, San Diego Luxury-Home Prices Fall Most in Decade #262657August 28, 2008 at 1:11 AM in reply to: Los Angeles, San Diego Luxury-Home Prices Fall Most in Decade #262862
gdcox
ParticipantJust a little reminder of the growth in inequality which surely must be reflected in house price trends between areas.
——————US household incomes fail to grow
By Steve Schifferes
Economics reporter, BBC NewsUS households have failed to benefit from the strong economic growth in the last six years of expansion.
Despite an economy that expanded by 18% since 2000, real income for the median family fell by 1.1% from 2000 to 2006.
Job creation was much slower as well, with jobs growing by just 0.6% per year, one-third of the previous rate.
But people at the top of the income distribution, the top 1%, tripled their income between 1989 and 2006, according to the Economic Policy Institute.
“While most Americans were struggling, the good times were rolling for the top 10%,” said EPI president Lawrence Michel.
With the US economy now slowing, household income is likely to fall further behind, the group predicts, with African-American and Hispanic households especially hard-hit.
August 28, 2008 at 1:11 AM in reply to: Los Angeles, San Diego Luxury-Home Prices Fall Most in Decade #262869ParticipantJust a little reminder of the growth in inequality which surely must be reflected in house price trends between areas.
——————US household incomes fail to grow
By Steve Schifferes
Economics reporter, BBC NewsUS households have failed to benefit from the strong economic growth in the last six years of expansion.
Despite an economy that expanded by 18% since 2000, real income for the median family fell by 1.1% from 2000 to 2006.
Job creation was much slower as well, with jobs growing by just 0.6% per year, one-third of the previous rate.
But people at the top of the income distribution, the top 1%, tripled their income between 1989 and 2006, according to the Economic Policy Institute.
“While most Americans were struggling, the good times were rolling for the top 10%,” said EPI president Lawrence Michel.
With the US economy now slowing, household income is likely to fall further behind, the group predicts, with African-American and Hispanic households especially hard-hit.
August 28, 2008 at 1:11 AM in reply to: Los Angeles, San Diego Luxury-Home Prices Fall Most in Decade #262921ParticipantJust a little reminder of the growth in inequality which surely must be reflected in house price trends between areas.
——————US household incomes fail to grow
By Steve Schifferes
Economics reporter, BBC NewsUS households have failed to benefit from the strong economic growth in the last six years of expansion.
Despite an economy that expanded by 18% since 2000, real income for the median family fell by 1.1% from 2000 to 2006.
Job creation was much slower as well, with jobs growing by just 0.6% per year, one-third of the previous rate.
But people at the top of the income distribution, the top 1%, tripled their income between 1989 and 2006, according to the Economic Policy Institute.
“While most Americans were struggling, the good times were rolling for the top 10%,” said EPI president Lawrence Michel.
With the US economy now slowing, household income is likely to fall further behind, the group predicts, with African-American and Hispanic households especially hard-hit.
August 28, 2008 at 1:11 AM in reply to: Los Angeles, San Diego Luxury-Home Prices Fall Most in Decade #262957ParticipantJust a little reminder of the growth in inequality which surely must be reflected in house price trends between areas.
——————US household incomes fail to grow
By Steve Schifferes
Economics reporter, BBC NewsUS households have failed to benefit from the strong economic growth in the last six years of expansion.
Despite an economy that expanded by 18% since 2000, real income for the median family fell by 1.1% from 2000 to 2006.
Job creation was much slower as well, with jobs growing by just 0.6% per year, one-third of the previous rate.
But people at the top of the income distribution, the top 1%, tripled their income between 1989 and 2006, according to the Economic Policy Institute.
“While most Americans were struggling, the good times were rolling for the top 10%,” said EPI president Lawrence Michel.
With the US economy now slowing, household income is likely to fall further behind, the group predicts, with African-American and Hispanic households especially hard-hit.
Participantbiggoldbear
Please tell us whether the house you are buying is bank owned and where.
It would be useful if buyers tell us that for one gets the impression that REOs are on one level and non-Reos at another.
All the price indices miss that distinction.
Some REOs really being offloaded now may be at prices that voluntary sales get to say in a year’s time and hence make more sense.
It is at least feasible that over the next year (from Sept 08) the price of voluntary sales falls faster than the price of Reos.
A tale of two markets, in places like SD, is so important to describe; and contrasts with places like Texas where there is still one market (and a rising one at that).
(PS Remember that today’s Case Shiller data relates to deals on average committed to in March/April)
Participantbiggoldbear
Please tell us whether the house you are buying is bank owned and where.
It would be useful if buyers tell us that for one gets the impression that REOs are on one level and non-Reos at another.
All the price indices miss that distinction.
Some REOs really being offloaded now may be at prices that voluntary sales get to say in a year’s time and hence make more sense.
It is at least feasible that over the next year (from Sept 08) the price of voluntary sales falls faster than the price of Reos.
A tale of two markets, in places like SD, is so important to describe; and contrasts with places like Texas where there is still one market (and a rising one at that).
(PS Remember that today’s Case Shiller data relates to deals on average committed to in March/April)
Participantbiggoldbear
Please tell us whether the house you are buying is bank owned and where.
It would be useful if buyers tell us that for one gets the impression that REOs are on one level and non-Reos at another.
All the price indices miss that distinction.
Some REOs really being offloaded now may be at prices that voluntary sales get to say in a year’s time and hence make more sense.
It is at least feasible that over the next year (from Sept 08) the price of voluntary sales falls faster than the price of Reos.
A tale of two markets, in places like SD, is so important to describe; and contrasts with places like Texas where there is still one market (and a rising one at that).
(PS Remember that today’s Case Shiller data relates to deals on average committed to in March/April)
Participantbiggoldbear
Please tell us whether the house you are buying is bank owned and where.
It would be useful if buyers tell us that for one gets the impression that REOs are on one level and non-Reos at another.
All the price indices miss that distinction.
Some REOs really being offloaded now may be at prices that voluntary sales get to say in a year’s time and hence make more sense.
It is at least feasible that over the next year (from Sept 08) the price of voluntary sales falls faster than the price of Reos.
A tale of two markets, in places like SD, is so important to describe; and contrasts with places like Texas where there is still one market (and a rising one at that).
(PS Remember that today’s Case Shiller data relates to deals on average committed to in March/April)
Participantbiggoldbear
Please tell us whether the house you are buying is bank owned and where.
It would be useful if buyers tell us that for one gets the impression that REOs are on one level and non-Reos at another.
All the price indices miss that distinction.
Some REOs really being offloaded now may be at prices that voluntary sales get to say in a year’s time and hence make more sense.
It is at least feasible that over the next year (from Sept 08) the price of voluntary sales falls faster than the price of Reos.
A tale of two markets, in places like SD, is so important to describe; and contrasts with places like Texas where there is still one market (and a rising one at that).
(PS Remember that today’s Case Shiller data relates to deals on average committed to in March/April)
ParticipantThe only glint on the cloud is that wages have risen for most so anyone saying ‘prices will go back to 2000’ or whichever year you choose, should really, adjust their view to adjust for the fact that 2000 prices are now a lot more affordable than in 2000 (see Rich’s CPI adjusted chart).
The exceptions are low skilled jobs where wages have hardly move in the 21st century brought on by globalisation and immigration, so areas that had /have demand mainly from people with those kind of wages cannot have this silver ling.
Of course, in the rich areas, incomes and wealth have shot up since 2000 to to a surge in inequality brought on by the same globalisation , much reducing the extent of any price crash.
ParticipantThe only glint on the cloud is that wages have risen for most so anyone saying ‘prices will go back to 2000’ or whichever year you choose, should really, adjust their view to adjust for the fact that 2000 prices are now a lot more affordable than in 2000 (see Rich’s CPI adjusted chart).
The exceptions are low skilled jobs where wages have hardly move in the 21st century brought on by globalisation and immigration, so areas that had /have demand mainly from people with those kind of wages cannot have this silver ling.
Of course, in the rich areas, incomes and wealth have shot up since 2000 to to a surge in inequality brought on by the same globalisation , much reducing the extent of any price crash.
ParticipantThe only glint on the cloud is that wages have risen for most so anyone saying ‘prices will go back to 2000’ or whichever year you choose, should really, adjust their view to adjust for the fact that 2000 prices are now a lot more affordable than in 2000 (see Rich’s CPI adjusted chart).
The exceptions are low skilled jobs where wages have hardly move in the 21st century brought on by globalisation and immigration, so areas that had /have demand mainly from people with those kind of wages cannot have this silver ling.
Of course, in the rich areas, incomes and wealth have shot up since 2000 to to a surge in inequality brought on by the same globalisation , much reducing the extent of any price crash.
ParticipantThe only glint on the cloud is that wages have risen for most so anyone saying ‘prices will go back to 2000’ or whichever year you choose, should really, adjust their view to adjust for the fact that 2000 prices are now a lot more affordable than in 2000 (see Rich’s CPI adjusted chart).
The exceptions are low skilled jobs where wages have hardly move in the 21st century brought on by globalisation and immigration, so areas that had /have demand mainly from people with those kind of wages cannot have this silver ling.
Of course, in the rich areas, incomes and wealth have shot up since 2000 to to a surge in inequality brought on by the same globalisation , much reducing the extent of any price crash.
ParticipantThe only glint on the cloud is that wages have risen for most so anyone saying ‘prices will go back to 2000’ or whichever year you choose, should really, adjust their view to adjust for the fact that 2000 prices are now a lot more affordable than in 2000 (see Rich’s CPI adjusted chart).
The exceptions are low skilled jobs where wages have hardly move in the 21st century brought on by globalisation and immigration, so areas that had /have demand mainly from people with those kind of wages cannot have this silver ling.
Of course, in the rich areas, incomes and wealth have shot up since 2000 to to a surge in inequality brought on by the same globalisation , much reducing the extent of any price crash.
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