The Joint Center for Housing Studies (Harvard University) has released a report titled, “The State of the Nation’s Housing 2008”.
It’s lengthy (44 pages) and I haven’t had a chance to digest it yet. Even the “Executive Summary” is five pages of double-column text.
I’ll try to report back with my thoughts later in the week.
The opening of the summary:
Housing markets contracted for a second straight year in 2007. The national median single-family home price fell in nominal terms for the first time in 40 years of recordkeeping, leaving several million homeowners with properties worth less than their mortgages. With the economy softening and many home loans resetting to higher rates, an increasing number of owners had difficulty keeping current on their payments. Mortgage performance—especially on subprime loans with adjustable rates—eroded badly. Lenders responded by tightening underwriting standards and demanding a higher risk premium, accelerating the ongoing slide in sales and starts.
The report is jammed full of statistics, charts and data. It’ll take a few days to absorb. It has extensive section covering:
* Housing Markets
* Demographic Drivers
* Homeownership
* Rental Housing
* Housing Challenges
Should make for interesting reading. Seriously!
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While I agree the market is a little depressed the writer has chosen the most horrible example in their first chart, at least as far as metro Denver is concerned. Permits should be down, but a casual glance should not scare the pants off the viewer.
You are absolutely correct in the statement, you have to read absorb and evaluate before you can make a comment. All real estate is local and while this might give an awful view for the public, we are still selling homes in Denver. What a great time to buy.
Keep up the good posts. If you want an idea what is going on in Denver check my blog at http://www.highlandsranchrealestateblog.com,