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Job creation and home prices
Friday, January 04, 2008
After this morning's labor report and last week's update to the S&P Case-Shiller Home Price Index, it seemed only natural to put the two of them on the same chart. Here it is:
It's funny to think that at the depths of the last recession, the 10-city home price index was still rising at almost ten percent.
Recall that home prices haven't been counted in the consumer price index since about 1983. If they had been included in the inflation statistics, it's likely that the Fed wouldn't have pushed interest rates so low and kept them there for so long, engineering such a strong recovery in tje economy and the labor market.
Who would have thought that home price increases of between 10 and 20 percent a year would prove to be unsustainable?
We all had jobs and our houses were making us all rich.
Can't we just go back to 2004 or 2005?
5 comments:
you oughta put gold on that chart too ;>
Welcome to George Bush's America!!!
MAY BUSH BLESS AMERICA!!!
Schwartz's "Long Boom" relied at least as much on debt as innovation and globalization. It looks like the "Long Boom" is over.
What will we have now? The "Long Bust"?
George W. Bush's Amerika
President Bush's Policies Promoting the Ownership Society
# Expanding Homeownership. The President believes that homeownership is the cornerstone of America's vibrant communities and benefits individual families by building stability and long-term financial security. In June 2002, President Bush issued America's Homeownership Challenge to the real estate and mortgage finance industries to encourage them to join the effort to close the gap that exists between the homeownership rates of minorities and non-minorities. The President also announced the goal of increasing the number of minority homeowners by at least 5.5 million families before the end of the decade. Under his leadership, the overall U.S. homeownership rate in the second quarter of 2004 was at an all time high of 69.2 percent. Minority homeownership set a new record of 51 percent in the second quarter, up 0.2 percentage point from the first quarter and up 2.1 percentage points from a year ago. President Bush's initiative to dismantle the barriers to homeownership includes:
* American Dream Downpayment Initiative, which provides down payment assistance to approximately 40,000 low-income families;
* Affordable Housing. The President has proposed the Single-Family Affordable Housing Tax Credit, which would increase the supply of affordable homes;
* Helping Families Help Themselves. The President has proposed increasing support for the Self-Help Homeownership Opportunities Program; and
* Simplifying Homebuying and Increasing Education. The President and HUD want to empower homebuyers by simplifying the home buying process so consumers can better understand and benefit from cost savings. The President also wants to expand financial education efforts so that families can understand what they need to do to become homeowners.
___________
I think it pretty much speaks for itself.
Idiot put into the office, idiotic policies come out of the office.
The question is, was his goal to KEEP the 5.5 million homeowners in their homes by the end of the decade, or just enable them to buy one so they could be able to say that they a one time had a home?
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