Median prices in the six county area of So. Cal. rose 28% in June from the previous year, said to be an all-time record even considering the run-ups before the chaos. It is now $385,000, but as I have said earlier, you have to consider which levels of homes are selling. However, my point is that all the so-called Economists and Politicians used to use Median Price a few years ago to illustrate how desperate we were, and that factor was never mentioned.
Standard and Poor’s Case Schiller Index also has shown improvements, and the figures were the best since March 2006. This index is different in that they track the same houses for a period of time to see how individual houses are performing.
This is a better index than Median Price, but I can’t get over the fact that Standard and Poor’s is the company that kept giving the sub-prime mortgage packages fine ratings before the chaos. They cost our Government some dollars.
Some other quotes: Max Nelson, a senior partner at Deasy/Penner and Partner’s Beverly Hills Office said, “The market is on fire right now”. Erik Johnson, Senior Economist of IHS Global Insight (whoever they are) said, “The long-awaited housing recovery is in full swing. We expect housing to remain a key driver of growth for at least the next couple of years.”
FACT: For the first time, two cities, Denver and Dallas, surpassed the peaks they reached before the 2008 crisis. All cities in the U. S. of A. saw prices rise. Where can we go to buy, where we can later manage them?