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The Housing Recovery Illusion

Livinglies's Weblog

What Housing Recovery? Real Home Prices Still 16% Below 2007 Peak

http://www.zerohedge.com/news/2017-06-16/what-housing-recovery-real-home-prices-still-16-below-2007-peak

Since the financial crisis, home equity has gone from being America’s biggest driver of (illusory) wealth to one of the biggest sources of economic inequality.

And while the post-crisis recovery has returned the national home price index to its highs from early 2007, most of this rise was generated by a handful of urban markets like New York City and San Francisco, leaving most Americans behind.

To wit: home prices in the 10 most expensive metro areas have risen 63% since 2000, while home prices in the 10 cheapest areas have gained just 3.6%,according to Harvard’s annual State of the Nation’s Housing report. And while nominal prices may have returned to their pre-recession levels, when you adjust for inflation, real prices are as much as 16 percent below past peaks.

Despite seven years of rock-bottom interest rates…

View original post 629 more words

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