Serving Bellingham & Whatcom County
Serving Bellingham & Whatcom County
Coldwell Banker Bain
Tom DeRose :: Wireless: 360-220-9355 :: Email: tderose@coldwellbankerma.com

Housing Crash and Recovery: Historical Perspective, Anticipated Recovery Part 2

Posted on November 8, 2011
The collapse in housing has been of epic proportions:
  • In almost 50 years, January 1959 to September 2008, the lowest rate of housing starts for any month was 798,000, and the average was more than 1.5 million units. Since January 2009, the highest rate for any month has been 687,000, and the average rate has been just 575,000.
  • From their peak in late 2005, nationwide median existing single-family home prices have fallen by 29%.
  • Since the first quarter of 2006, the value of home equity has fallen from $13.5 trillion to $6.2 trillion, a 54% decline.
  • Since the start of the recession in 2007, construction employment has fallen by 1.9 million jobs--30% of the 6.6 million jobs lost (this understates the impact of the housing slump as it ignores the ancillary industries impacted by the decline).
  • Since the middle of 2006, home building has fallen from 5.9% of GDP to just 2.2%.

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