Quote:
Originally posted by GDSOB
Our market looks closer to the volume line. I bought my house 5 years ago & it shows about 25% appreciation if I sold today. Sales volume is down 2% from last year, but homes priced well sell quickly. Looks like we missed the party.
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There might not have been a big wild party in your area.
The big boom and bust cycles seem to be something that happens in major cities, especially coastal ones. I read an article by the Economist (and I think I posted a link to it, here on PP) that showed how cities like NYC BOS LAX SFO have had these cycles while cities in the interior of the US haven't. The current cycle is really interesting because it is global - house prices have boomed in major cities all over the world, from London to Hong Kong to Paris. And it has not been in just the major cities, but also cities like Phoenix and Washington DC. But I think (never looked into it, just read/heard) that in much of the US, places like Ohio, there's been steady appreciation instead of the steep curve you're seeing in the LAX chart. I think that's a lot safer. No big wild party, no big hangover.