A recent article in the Ventura County Star was brought to my attention; I thought I’d share.
According to a report released by Capital Economics (see Worse than the Great Depression), losses suffered during the collaspse of the U.S. Housing bubble are greater than the losses sustained to the U.S. housing market during the Great Depression.
Since peaking in 2006 U.S. home values have fallen 33 percent. During the Great Depression home prices suffered a 31 percent loss.
Here in Reno home prices are now 59 percent off their bubble peak prices.
See the Ventura County Star story here: Torres: Buying time in housing market
inclinejj
41 NOD’s the other day!
The 3rd or 4th wave of foreclosures starts this fall
Sully
Also, the all time low ratio for house prices vs gold was 100 oz in 1981 for the average house, with gold at 1850/oz we’re awfully close to that now, depending on what you consider an average house.
Lucca
With gold at $1850/oz, it takes 81 ounces to buy a median priced house in Reno.