House Plans - A recent article over at NAHB discussed that taking everything into perspective shines a different light on the current market. The current declines in prices are a small thing when taken with a full view of the increases over the long term.
“It’s important to keep things in perspective,” said Brian Catalde, president of the National Association of Home Builders (NAHB) and a home builder from El Segundo, Calif. “The current housing price correction is most pronounced in the once super-heated markets in California, Nevada, Florida and Arizona. In most other markets, price declines have been pretty modest.”
For example, in Chicago, home prices declined 1.3 percent between August 2006 and August 2007, while posting a 34.2 percent gain for the five-year period between August 2002 and August 2007.
Is the glass half empty, or half full? You be the judge…
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