Wednesday, January 21, 2009
Data for existing home prices was generously provided by CM earlier today, so a new graphic to add to the discussion that began on Monday (see here and here) seemed appropriate.
Note that the all-important 2008 home price data was estimated based on the most recent data from the National Association of Realtors - it is shown as a 13 percent decline from the average 2007 level (about $187,000) rather than $181,000 as reported in November.
An update now appears below...
UPDATE: Wednesday, Jan. 21st 12:20 PM
Here's the price-to-income ratio along with mortgage rates:
It appears that the pre-1990 and post-1990 relationships are quite different.