Posted To: MND NewsWire
CoreLogic, in a recent article on its blog, celebrated, if that’s the word, the 10 th anniversary of the housing bubble. Principal Economists David Stiff said that the CoreLogic Case-Shiller Home Price Index reached its peak in July 2006. And the beginning of the end. Over the next six years the index dropped 27 percent and still remains down 4 percent from its “peak nominal value.” (He notes that, in inflation-adjusted terms, the March national Case-Shiller index was down18 percent from its peak value.) Stiff says the recovery, while incomplete nationally may soon get there, likely hitting or surpassing those 2006 levels next spring or summer. Meanwhile, many local markets are back to pre-crisis prices and 40 percent of metro areas have set new price peaks. Another 30 percent are closing in…(read more )