Slip slidin’ away…
With the release of the November 2010 S&P/Case Shiller report and more forecasts of a depressed market due to more foreclosures coming down the pipe. I thought that I would pour more fuel on the roaring fire of depression we call the housing crisis. Here is a fantastic snap-shot of where we are now compared to where we’ve been.
You can’t see the color coding very well on this picture (click here for the PDF) but basically the highlighted numbers at the top of the image are current numbers, the highlighted numbers in the middle of the page are where numbers were at the peak of the market, and the numbers highlighted toward the bottom show the last time stats were at the same as they currently. In other words, the Median Price for King County was at $378 in December of 2010. The last time the Median Price was that low was in June of 2005. King County has dropped 22% since its peak Median Price of $485 in July of 2007.
I meet with a lot of people and many of them still think of their homes in 2007 terms rather than 2005.
Hopefully Paul Simon is wrong and the nearer our destination there’ll be no more slip slidin’ away.