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Trivia Tidbit Of The Day: Part 119 -- U.S. Home Sales.
American Home Sales, 1970 to 2005-
Existing home sales recently hit a record pace.
Some call it a housing bubble (and have been calling it that for years, now), others believe it is just a natural consequence of a growing population, a growing economy, and low interest rates. For those entirely devoted to the housing bubble theory, you should at least differentiate the high density regions of the country from the heartland. You should acknowledge that there very well may be out-of-control housing bubbles in highly populated parts of the country, but there's also plenty of real estate to accomodate growth in much of the middle part of the country. And in the middle part of the country, housing prices have not gone as crazy as New England; a bubble can only burst it if exists.
As long as the population continues to grow, and as long as people want to "trade up," the housing market will remain strong nationally, even as localized bubbles occasionally pop.
Previous Trivia Tidbit: Interest Rates.
Posted by Will Franklin · 26 July 2005 06:21 AM
Comments
This is all very well and good, but any discussion of the (potential) housing bubble that excludes the deteriorating state of the mortgage market is no disussion at all.
How about a graph showing the increase in interest-only, option-ARM or negative-amortization mortgages over time?
Posted by: KipEsquire at July 26, 2005 07:38 AM
I wonder if the symptoms of the housing bubble aren't prevalent in "blue" states.
Wetlands preservation, inefficient municipalities' cloying property taxes, restrictive building codes (Oregon's green-building reg's for example), prohibitions on new energy-generation plants: all increase the costs of home-ownership for the next generation of buyers. Afterall, we have to keep the teacher's unions well-fed for their continued support for a Barbara Boxer, or a Patty Murray.
Is $400,000.00 too much to spend on a 1500 sq.ft home in California or New York? Fer sure!
-Steve
Posted by: Steve at July 26, 2005 09:55 AM