This piece, the Real State of Real Estate (pdf) was sent to us by a very reliable mortgage broker in our city. However, he did not write it, so we can’t give credit to him, nor can we give credit to the person who wrote it, as we don’t know who did. If anyone can help, we’re all for giving credit where credit is due. [Update: from "sfre" in the comments, "These were quotes that Gary Watts, an economist and real estate broker, used in a recent seminar to the real estate community in SF."]
It’s full of money quotes like:
Prior to my entering real estate in 1971, a quote appeared in Business Week (late 1969) due to an increase in housing prices: “The goal of owning a home seems to be getting beyond the reach of more and more Americans. The typical new house today costs about $28,000.“
In 1977: the National Business magazine stated: “The median price of a home today is approaching $50,000. . . housing experts predict price rises in the future won’t be that great.“
99.2% of Mortgages are Not in Foreclosure
California home prices declined about 12% by 1996 when the San Francisco Examiner said: “A home is where the bad investment is.” In the following 3 years, California home prices rose 19.7% wiping out all the losses of the early ’90’s and ended the decade with a net gain of 9.35%. The median price in California has not declined since 1996.
So you get the picture. We won’t waste any more of your time, it is long read, we suggest you check it out.