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Bubble Meter is a national housing bubble blog dedicated to tracking the continuing decline of the housing bubble throughout the USA. It is a long and slow decline. Housing prices were simply unsustainable. National housing bubble coverage. Please join in the discussion.
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The Bubble Meter Philosophy
The best way to get the housing market thriving again is to drop prices to the point where supply equals demand. Home sellers might not like it, but it's good for buyers and it's great for Realtors.
For Realtors, the best way to make more money is to sell houses quickly, and the best way to sell houses quickly is to convince the seller to drop the price.
For Realtors, the best way to make more money is to sell houses quickly, and the best way to sell houses quickly is to convince the seller to drop the price.
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When will inflation-adjusted DC-area housing prices return to pre-bubble levels?
Are housing prices about to experience a double-dip?
How should the U.S. government balance the budget? (Check all that apply.)
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Is the recession over?
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Was subprime lending a cause or an effect of the housing bubble?
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Bubble Meter Archive
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2010
(188)
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August
(17)
- Banks helping more troubled homeowners than Obama
- Homeownership fetish harmful
- CNBC housing market discussion
- Graphs: The decimation of the home-building industry
- New home sales hit all-time low
- Existing home sales continue their death spiral
- Economist Andy Harless asks "What housing bubble?"
- Housing no longer a wealth builder
- 5 economic 'new normals'
- Bits bucket
- Decline of the "ownership society"
- Fun with trendlines
- How few new homes are being built?
- House prices vs. rents
- Are U.S. home prices undervalued?
- Renting vs. buying a home
- Paging Greg Mankiw!
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August
(17)
For decades, owning a home has been touted as the very heart of "the American Dream", but today that dream is out of reach for an increasing number of Americans. Why? It is because there are not nearly enough jobs for everyone. Without a jobs recovery, there simply is not going to be a housing recovery. Unfortunately, as the U.S. economy continues to come apart like a 20 dollar suit, even more Americans are going to lose their jobs and the U.S. housing industry will continue to experience a very painful decline.
ReplyDeleteThe truth is that this is not a short-term downturn in the housing market. During the past two decades, an insane amount of debt fueled an artificial housing bubble that drove home prices to ridiculous levels. Now the U.S. housing market is trying to correct itself, and no matter how many trillions of dollars the U.S. government throws at the problem the fundamentals of the marketplace are still going to have their way eventually.
"Isn't the only hope for the planet that the industrialized civilizations collapse? Isn't it our responsiblity to bring that about?"
ReplyDelete- Maurice Strong, founder of the UN Environment Programme
"A massive campaign must be launched to de-develop the United States. De-development means bringing our economic system into line with the realities of ecology and the world resource situation."
- Paul Ehrlich, Professor of Population Studies
"The only hope for the world is to make sure there is not another United States. We can't let other countries have the same number of cars, the amount of industrialization, we have in the US. We have to stop these Third World countries right where they are."
- Michael Oppenheimer, Environmental Defense Fund
"Global Sustainability requires the deliberate quest of poverty, reduced resource consumption and set levels of mortality control."
- Professor Maurice King
"Effective execution of Agenda 21 will require a profound reorientation of all human society, unlike anything the world has ever experienced — a major shift in the priorities of both governments and individuals and an unprecedented redeployment of human and financial resources. This shift will demand that a concern for the environmental consequences of every human action be integrated into individual and collective decision-making at every level."
ReplyDelete- UN Agenda 21
The most ABSURD real estate bubbles have been going on in India and China for the past 20-30 years, where homes have appreciated about a THOUSAND times. A one thousand US dollar investment in India's metro real estate in the 1970s is now worth more than a million US dollars. Home owners in India and China are unbelievably rich and are far more wealthy than their Western counterparts. Despite the ABSURD appreciation in the past 30 years, the mentality in India and China is that real estate is the easiest and best form of investment, with values doubling every 2-3 years. Note that these so called homes in India and China are small, with little features, very low quality, have no good infrastructure and so filthy that no sensible person would spend even a 100 bucks on, yet are being sold and bought for millions of dollars each in the greatest PONZI game ever played. Note also that the median income in these places is still just a few thousand dollars per year, yet the median home prices are about a million dollars. This PONZI game has created inflation, which then fuels the PONZI game even more and you get the idea. Compare all of this to the United States. Homes have hardly even tripled in value in the last 30 years, and yet, we are quick to point this out as a bubble. We are playing the reverse PONZI here, where we want to destroy absolutely fabulous homes to complete worthlessness. A regular 2000 sqft 4-BR American home would cost several million dollars everywhere in the world except in the USA, where it costs a measly USD 200000. Yep, Americans want everything for free. If it is not free, it has to be a bubble.
ReplyDeleteI was fascinated by this latest on CR today:
ReplyDeletehttp://calculatedriskimages.blogspot.com/2010/08/mba-state-mortgage-delinquency-q2-2010.html
What's interesting to me is that DC shows a higher loan delinquency rate than Virginia - I'm wondering how long before we start to see a REO glut inside the District. I keep hearing "it's different here" and the like, but I remain skeptical. I am still excluding Arlington.
I like these charts!
ReplyDeleteI like them very much!
They are VERY VERY good charts!
Hee Hee, Hee Hee!
Lots of homeowners felt a "wealth effect" on the way up...is it wrong for me as a renter to feel a "wealth effect" on their way down? Or am I confusing that with schadenfreude?
ReplyDeleteSeriously though, are the rest of us not getting relatively richer? Why doesn't someone go on CNBC and talk about that...?
As a renter without an albratros mortgage around my neck, I am very well positioned to buy anything I want at MY price and not some price driven by speculation and hystria. So smell me!
ReplyDeletenonpartisan said...
ReplyDeleteI like these charts!
I like them very much!
They are VERY VERY good charts!
Hee Hee, Hee Hee!
Me too!
Check out this last chart:
http://www.recharts.com/cme.html
Its called bellcurve aborted - CAW CAW CAW!!!