I had a neat little post all ready to go referencing these two articles –
– and then the NYTimes comes out with their spin on the data – Home Prices Fall in Nearly One-Fourth of Metropolitan Regions. It’s all about perspective.
The Office of Federal Housing Enterprise Oversight (OFHEO)’s quarterly report (PDF) was released the other day and has been the talk of the town.
As a region,
The South Atlantic Census Division including Florida, Delaware, the District of Columbia, Virginia and Maryland experienced its most significant price deceleration since at least the early 1980s.Â Its four-quarter appreciation rate fell from 17.43 percent to 13.74 percent.Â Â
Even more specifically, are we really in a position to masticate and gnash our teeth over this?
National Ranking – 64
1-Year Appreciation – 14.52%
Quarter Appreciation – 4.11%
5 Year Appreciation – 79.93%
*MSA = Charlottesville, Albemarle, Greene, Fluvanna, Nelson
National statistics are a good guide to what is happening to the local market. Whether the County of Albemarle enforces its proffers will impact our market far more than what happens in Peoria (which has had a 22% increase in price over five years).
Importantly, the agent bubble continues to lose ground – only about 30% of all area Realtors have had five or more transactions!
The housing market continues to combat the culture of fear being propagated by the media. The best defense to this fear-mongering? Patience, careful and unemotional data analysis and diligent review and movement.
What does it mean when the Government is using bubble visuals to depict the housing market? (It’s actually a pretty cool picture)
Even more interesting and somewhat intimidating is this chart that has been making the rounds in the past several days –