Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Oh. I don't know, 10 years or so sounds pretty optimistic. Y'all really went nuts there for a while.
A median Florida buyer could afford $115k in 2001, $250k in 2005, and now $155k in 2009. If we assume that $155k is a bottom, and 2001-2009 represents "natural" 5% annual appreciation for a desirable place like FL, then a 5% annual increase from here on out would bring you back to $250k in 2019. That's obviously just a guesstimate.
This area had a real estate bubble in the late '80's/early '90's that popped about 1991. It was about 2000-01 before there was much upward movement (other than the 2-3%) then the skyrocketing values hit.
What about Philadelphia? The city has had a declining population since the 50s. The growth of the city has been pretty slow in general, so in some ways didn't really boom like most other cities.
This area had a real estate bubble in the late '80's/early '90's that popped about 1991. It was about 2000-01 before there was much upward movement (other than the 2-3%) then the skyrocketing values hit.
That's a good example of how long it takes to recover from a bubble. Take Dallas, for example. According to FHFA stats, they had a bubble which peaked in 1986. Adjusted for inflation, prices still haven't returned to the highs from that bubble 23 years later - right now they're still about 25% below the real values from the peak of that bubble nearly a generation ago.
What about Philadelphia? The city has had a declining population since the 50s. The growth of the city has been pretty slow in general, so in some ways didn't really boom like most other cities.
It had high single digit and low double-digit price gains through much of the bubble years. I wouldn't put this in the "it's different here" pile. More like the "not as bad as the worst areas and late to the party" group instead.
It's so disappointing! I just want to at least see things level off, not keep declining. I want to be optomistic and think it's the foreclosures and short sales that are driving prices down. I hope those get sold and then things get back on track. I can only hope for the best!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I just want to at least see things level off, not keep declining. I want to be optomistic and think it's the foreclosures and short sales that are driving prices down. I hope those get sold and then things get back on track. I can only hope for the best!
