From Mark Perry: The map below is from the latest housing report from the Office of Federal Housing Enterprise Oversight, showing the “Four-Quarter Price Change by State” from 2007:Q2 to 2008:Q2.
Notice that the biggest price decreases have taken place in 4 states: CA (-15.8%), NV (-14.1%), FL (-12.4%) and AZ (-9.2%), see previous CD post (data through 2008:Q1 for that post).
Further, house prices have increased over the last year in 30 states, including increases of above 4% for two states (OK and WY), and increases at or above 3% for 12 states (OK, WY, TX, OK, SD, ND, MS, AL, NC, SC, KY, WV). Finally, more than half of the states (27) have experienced home price increases of 1% or greater, and 30/50 states have experienced price increases over the most recent year (2007:Q2 to 2008:Q2).
The first 2 things I noticed:1) Interesting (or scary, depending on perspective) how many of the 20 states with price drops are considered “swing states” in this election.2) It appears the states that have seen the decreased home prices are some of the most populous states. It would be interesting to see the numbers presented not as 20 States saw price drops and 30 States saw price increases, but as X% of the U.S. population lives in states with price drops and Y% live in states with price increases. I’m not saying it would be a better indicator, just that it may give us an idea why the media is so adamantly preaching doom and gloom.