Last week, the United States Case-Shiller 20-Cities Composite House Price Index took an unexpected plunge, falling 1.3% in October from a month earlier. Prices have now fallen by around one-third. Month-over-month prices fell in all metro areas covered by the index. And in six markets — Atlanta, Charlotte, Miami, Portland, Seattle and Tampa — house prices reached their lowest level since the housing bust began in 2006-07. The destruction of household wealth since 2007 has been shocking. According to the Federal Reserve, household net worth has declined $11 trillion from its peak in 2007. Relative to GDP, household net worth has fallen from around 470% in 2007 to around 375% currently.
The truth about the US housing market
Most Popular Articles
Latest Articles
Ginnie Mae denies majority of complaint in Texas Capital Bank lawsuit
Ginnie Mae admits only to core facts of the case, denying all allegations, “inferences, arguments, and legal conclusions” in the complaint.