Here is a great set of charts from Visualized Economics that show the changes in home prices by state during the housing boom, bust, and a combination. Though just about everywhere got a little bubbly, you can see how much more severe the housing bubble was (and is) in places like California and Florida.
A lower conforming loan limit will seriously erode the upper-middle tier of the Irvine market. The already precarious high end will see continued pricing pressure as lenders continue to deflate loan balances.
Back at the top of the bubble, the middle class had $6 trillion more assets on the books. Considering the Mortgaged Middle Class now owns about $6 trillion in net assets, then the bursting of the housing bubble caused their net worth to drop by 50%.
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Data through February 2011, released today by S&P Indices for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, show prices for the 10- and 20-city composites are lower than a year ago but still slightly above their April 2009 bottom.
I found the pages much softer than Charmin, though not as soft as Quilted Northern.
Looking at median home prices versus median income, prices of homes would need to decline another 10 percent or so to reach the historical average of 3.5. Of course, they could overshoot…