Quote:
Originally Posted by Dan02
I don't want to suggest that the market is in good shape, however, I don't think it's too bad off just extremely overheated in mid 07, I bought pre peak though so i guess I'm not in as bad a shape as others.
But even peak vs bottom we're only down 11%, not to suggest 11% is a small number, but it's not about 15% imo anyways.
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SFH prices would have to go up 16% to get back to the peak.
Just so the numbers are all here:
Single Family Home (SFH) -- 2007peak-to-2008current (total drop)
Average Price: $505,000 to $435,000 (-$70,000)
Median Price: $435,000 to $387,000 (-$48,000)
Multi-Family -- peak-current
Average Price: $332,000 to $285,000 (-$47,000)
Median Price: $309,000 to $251,000 (-$58,000)
With prices continuing to slide, tons of construction capacity in the market and the fact that each dollar of your mortgage usually costs another dollar to pay off and that is a huge hit to a lot of young people out there who Ed Jensen and/or the like thought were best served in using a high ratio mortgage to get into the market with.
Claeren.