Thursday, July 30, 2009
This chart was pulled from the bottom of yesterday's Has the housing market hit bottom? piece for the benefit of those who didn't make it all the way to the end of the story. While this may have been created elsewhere, it's the first time that I've seen these two together.
Without any doubt, the housing price peak lagged the housing sales peak by quite some time, home prices gaining about another ten percent in the interim. There is little reason to think that there will be a marked improvement on this when housing bottoms.