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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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Housing Prices Since 1970
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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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Was subprime lending a cause or an effect of the housing bubble?
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Bubble Meter Archive
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2009
(395)
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May
(25)
- U.S. housing prices
- Re/Max agent junk mail
- Cities below 2000 inflation-adjusted levels
- Case Shiller Price Index: March 2009
- Home prices plunging even faster
- Happy Birthday
- The Washington Post examines the local housing market
- Radar Logic: Slowing price declines
- RealtyTrac: 500,000 REOs being held off the market
- Home Depot CEO: housing market optimism is premature
- Graph: housing starts and new home sales
- 'Severe' weaknesses for Fannie and Freddie
- High-end housing getting hit
- Transatlantic housing bubbles
- CNN discussion on housing
- NAR: Home prices and sales decline again
- Postal Worker Steals Stamps To Pay Mortgage!
- Canadian vs. U.S. new home prices
- Congress shares the blame for the financial crisis
- Suburbs are the wave of the future
- Zillow: 22% of homeowners are underwater
- Our hero!
- How to prevent bank-owned homes from falling into ...
- When will housing prices recover?
- Bank-owned homes being destroyed
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May
(25)
Canada doesn't have a mortgage interest deduction for tax purposes - so their house prices are usually much lower than in the States so as to compensate, which makes these findings more jarring.
ReplyDeleteAlso Canadian banks are more strict, there really is no sub-prime and teaser interest rates. Also, no Fannie May or Freddie Mac which is a good thing.
ReplyDelete...and yet canada new home prices are still 1.6 times the normal prices according to this graph.
ReplyDeleteIn 1998 1 US$ bought you 1.54 CAN$ .
ReplyDeleteIn May of 2007, 1 US$ only bought you 1.10 $CAN .
In January of 2009, 1 US$ only bought you 1.22 $CAN .
Hey Lance,
ReplyDeleteAccording to this graph home prices are 1.5 times the norm in the US as well.
What does 1 US$ get you in US$ today?
Canada's home prices are WAY overpriced too. Look at Vancouver.
ReplyDeleteYes it's far more desirable to live in BC than say Los Angeles BUT LA has more industry, more money, more wealth, and more people.
So how the hell are prices in BC going so high?
I've been on BC dedicated blogs and they can't answer that question either. Money is coming from somewhere..some say drug money, others say wealthy Asians from Hong Kong and China.
Either way, it makes no sense. Some are arrogant enough to say it's simply because people want to live in BC. OK sure...but the mortgage still has to be paid for. So how?
There are going to be major corrections there too. It simply can't sustain such high pricing when people over there get paid 2/3 what people here get paid.
We don't have Fannie or Freddie but we do have CMHC
ReplyDeletehttp://americacanada.blogspot.com/2009/07/cmhc-and-our-government.html
Furthermore, Canadian home prices have doubled since 2001. It's not fair to use new home prices since new homes were much more expensive in Canada than the United States in 1998.
Canadian Home prices are now around $350,000 and household income is about $75,000. This ratio is about 40% higher than the US at the height of its bubble.