Quote:
Originally Posted by kevman
Yes.
Has it? Please provide back up.
In my limited experience the housing price declines in 2008 began before the market and oil crash later that year. In fact housing prices appeared to go up slightly in 2009 following the crash before a small decline in 2010 and remained stable in 2011.
Believe it or not most people don't foreclose on their homes and declare bankruptcy mere months after being laid off.
|
Oh man. Look at your own data to see the obvious correlation. You're not that lazy are you!?
http://www.bobtruman.com/SFH_DailyMo...e_1869385.html
http://www.forecast-chart.com/chart-crude-oil.html
Peak average price May 2008- 479,xxx
Sept 2008
financial melt down 444,xxx
Dec 2008
oil near $40/barrell, avg price 417,xxx
That's a
13% drop from May 2008 to Dec 2008. The housing avg price then stagnated in the 410,xxx to 435,xxx for the next half year.
Your timeline is obviously way off, peak oil was in June 2008 and it started freefalling in Sept 2008. Just as the Calgary housing market did.
So there you have it, the housing market did not take over a year to correct following the drop in oil. Glad we busted that myth.