Looks like we were right, residential housing went down in 2010

This goes to show you what we have been saying since we started this blog in late 2009.  We were calling for at least a 20% loss in retail home values over the next three years.  We were advising our blog readers to sell and rent and whatever happens do not buy. 2010 was a terrible year for home prices. 

The year is not over and it looks like we nailed it. Of course, that is still only my opinion. 

Economist are sorry predictors.  I'd speak with a trader any day over an economist. 

Zillow published their expectation for the housing market for the year.  They are expecting 2010 to be a terrible year too.  Year to date, housing prices have come down 7%.  They have come down almost 30% from their peak.  These trends tend to take years to play out.  I doubt we are at the bottom.  Via Zillow

Homes in the United States are expected to lose more than $1.7 trillion in value during 2010, which is 63% more than the $1 trillion lost in 2009, according to recent analysis of the Zillow Real Estate Market Reports.

The bulk of the total value lost during 2010 was in the second half of the year. From January to June, the housing market lost $680 billion. From June to December, Zillow projects residential home value losses will top $1 trillion.

Less than one-fourth (31) of the 129 markets tracked by Zillow showed gains in total home values during 2010. Among those were the Boston metropolitan statistical area (MSA), which gained $10.8 billion in value, and the San Diego MSA, which gained $10.2 billion.


Popular posts from this blog

October retail sales come in strong, especially auto sales

Tea Party Buffalo Pictures

How to spot a fake Tea Partier