No Housing Bottom In 2008

Rich Toscano | Wed, 01/02/2008 - 2:06pm | Add a comment

Rank this post

Kelly Bennett&039;s 2007 housing market wrapup quotes local housing analyst Peter Dennehy as saying that "a lot of people believe that this will be the year that the elusive bottom is reached." Mr. Dennehy is surely correct -- many people believe the bottom of the housing market is close at hand. But are they right to do so?

It&039;s true that prices have taken a protracted hit. According to the Case-Shiller Home Price Index, San Diego prices have in aggregate been falling for about two years now and, as of October, had fallen 13.3 percent from their late-2005 peak.

But this decline, steep as it may seem, must be viewed in the context of the enormous speculative bubble that preceeded it.

read more at voiceofsandiego.org

Comments

Please or register to post comments.

› Rich Toscano

The purpose of Professor Piggington's Econo-Almanac for the Landed Poor is to provide in-depth, unbiased analysis of the Southern California real estate market. The Econo-Almanac staff apologizes for having succumbed to the crass commercialism of ad banners and the like, but we have spent an enormous amount of time on the site in addition to more than a little money for data and financial publications. Our feeble attempts to get a little something back do not in any way affect the site's primary goal: to provide the most honest and accurate analysis possible.

Rich Toscano, editor of the Econo-Almanac, is an independent real estate analyst residing in San Diego, California. He has lectured about the housing market at UCSD and the USD Graduate School of Business, and his views have been sought by Money Magazine, The LA Times, the San Diego Union-Tribune, and numerous other news and financial publications. His email address is rich@piggington.com.

Professor Piggington, gentleman of Letters, pursuer of Philosophickal Enlightenment, and dabbler in the Dismal Science, is not reachable via electronic-post.

Real Estate > Piggington's Econo-Almanac

No Housing Bottom In 2008

Rich Toscano | Wed, 01/02/2008 - 2:06pm | Add a comment

Comments

› Rich Toscano

› Featured on

PowerRatings Stock Trading Strategies: After the Bounce

Through a Trader's Eye

High Probability ETF Trading: Trading Near the Close

TRADE CENTER

› Most