Sentiment in the Housing Market Doesn’t Turn on a Dime

Reddit

Sentiment in the housing market doesn’t turn on a dime. House prices made their biggest advance in history, between ’97 and ’06. It takes time for the momentum to exhaust itself.

Putting the question to homeowners, pollsters found that the 77% of them believed their houses had either stayed even or gained value in 2007. This result is completely at odds with the research results of the Case/Shiller Index, which puts the average house down about 10% for the year.

In Sacramento, the average house went down nearly 19% in the 12 months to the end of November ’07. In Las Vegas, the average loss was 17%.

Bill Bonner
The Daily Reckoning Australia

Bill Bonner

Bill Bonner

Best-selling investment author Bill Bonner is the founder and president of Agora Publishing, one of the world's most successful consumer newsletter companies. Owner of both Fleet Street Publications and MoneyWeek magazine in the UK, he is also author of the free daily e-mail The Daily Reckoning.
Reddit

Leave a Reply

1 Comment on "Sentiment in the Housing Market Doesn’t Turn on a Dime"

Notify of
avatar
Sort by:   newest | oldest | most voted
novosonic
Guest

hey bill you ought to buy a rug, drive them darn dames wild with glee…

oh! here in new hampshire little condos are going for 1/4 mil….

old farm houses and fix er ups ! burn baby burn !

wpDiscuz
Letters will be edited for clarity, punctuation, spelling and length. Abusive or off-topic comments will not be posted. We will not post all comments.
If you would prefer to email the editor, you can do so by sending an email to letters@dailyreckoning.com.au