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10-04-11 Sacto AOR
10-04-11 Sacto AOR
10-04-11 Sacto AOR
Overview
US and California Economies
California Housing Market
Regional & Local Markets
2011 Annual Market Survey
2012 Housing Market Forecast
Political
Change
on
Capitol
Hill
Arab Uprising
Sovereign
Debt
Crisis in
EuroZone
Debt Limit
Ceiling &
Downgrade
of US Debt
Stock
Market
Volatility
Q2-11
Q4-10
Q2-10
QTRLY
2010
2008
2006
2004
2002
2000
Components of GDP:
Consumer Spending Weak; Govt Sector Down
Quarterly Percent Change
3.0
Q3
Q4
Q1
Q2
2.5
2.0
1.5
2010
2010
2011
2011
1.0
0.5
0.0
-0.5
-1.0
-1.5
Consumption
Fixed Nonres.
Investment
Net Exports
Government
1Q-2011
1Q-2010
1Q-2009
1Q-2008
1Q-2007
1Q-2006
1Q-2005
1Q-2004
1Q-2003
1Q-2002
1Q-2001
-4%
1Q-2000
-2%
US
12%
10%
8%
6%
4%
2%
Jan-11
Jan-10
Jan-09
Jan-08
Jan-07
Jan-06
Jan-05
Jan-04
Jan-03
Jan-02
Jan-01
Jan-00
0%
Jul-11
Apr-11
Jan-11
Oct-10
Jul-10
Apr-10
Jan-10
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
Jul-08
Apr-08
500,000
400,000
300,000
200,000
100,000
0
-100,000
-200,000
-300,000
-400,000
-500,000
-600,000
-700,000
-800,000
-900,000
Jan-08
Jul-11
May-11
Mar-11
Jan-11
Nov-10
Sep-10
Jul-10
May-10
Mar-10
Jan-10
Nov-09
Sep-09
Jul-09
May-09
Mar-09
Jan-09
Nov-08
Sep-08
Jul-08
May-08
Mar-08
Jan-08
-160000
2005
Jul-11
Year to
Date
23,600
27,600
4,000
905,300
567,300
-338,000
Manufacturing
1,502,600
1,257,600
-245,000
2,822,100
2,641,500
-180,600
Information
473,600
455,400
-18,200
Financial Activities
920,300
755,800
-164,500
2,160,700
2,136,200
-24,500
1,593,400
1,837,000
243,600
1,475,200
1,531,600
56,400
505,500
484,500
-21,000
2,420,200 2,380,200
14,802,500 14,074,700
-40,000
-727,800
Construction
Other Services
Government
TOTAL
SOURCE: California Association of REALTORS
Nonfarm Employment
Sacramento-Arden Arcade-Roseville MSA, August 2011: Up 0.3% YTY
Y-T-Y PERCENT CHANGE
8%
6%
4%
2%
0%
-2%
-4%
-6%
Jan-11
Jan-10
Jan-09
Jan-08
Jan-07
Jan-06
Jan-05
Jan-04
Jan-03
Jan-02
Jan-01
Jan-00
Jan-99
Jan-98
Jan-97
Jan-96
Jan-95
Jan-94
Jan-93
Jan-92
Jan-91
-8%
Jan-11
Jan-10
Jan-09
Jan-08
Jan-07
Jan-06
Jan-05
Jan-04
Jan-03
Jan-02
Jan-01
Jan-00
Jan-99
Jan-98
Jan-97
Jan-96
Jan-95
Jan-94
Jan-93
Jan-92
Jan-91
Jan-90
Unemployment Rate
14%
12%
10%
8%
6%
4%
2%
3000
Single Family
2500
Multi-Family
2000
1500
1000
500
Jan-11
Jan-10
Jan-09
Jan-08
Jan-07
Jan-06
Jan-05
Jan-04
Jan-03
Jan-02
Jan-01
Jan-00
Jan-99
Jan-98
Jan-97
Jan-96
Jan-95
Jan-94
Jan-93
Jan-92
Jan-91
Jan-90
Jan-89
Jan-88
Unemployment Rate
Sacramento County August 2011
Area Name
Arden Arcade CDP
Carmichael CDP
Citrus Heights city
Elk Grove CDP
Fair Oaks CDP
Florin CDP
Folsom city
Foothill Farms CDP
Galt city
Gold River CDP
Isleton city
La Riviera CDP
Laguna CDP
Labor Force
Rate
55,800
28,800
49,500
34,700
16,800
12,700
26,500
9,600
10,800
4,700
400
6,800
20,100
12.3%
9.6%
8.7%
10.1%
6.7%
19.1%
5.7%
16.8%
19.8%
2.4%
16.2%
7.4%
6.8%
Unemployment Rate
Sacramento County August 2011
Area Name
Laguna West Lakeside CDP
North Highlands CDP
Orangevale CDP
Parkway South Sacramento CDP
Rancho Cordova City
Rancho Murieta CDP
Rio Linda CDP
Rosemont CDP
Sacramento city
Vineyard CDP
Walnut Grove CDP
Wilton CDP
Sacramento County
Labor Force
Rate
5,200
22,500
15,600
16,000
30,600
2,200
5,800
13,700
213,600
5,800
500
2,700
671,200
8.9%
19.0%
8.5%
21.4%
14.1%
4.1%
19.2%
10.4%
14.4%
6.4%
29.3%
8.5%
12.4%
20
Jul-11
Jan-11
Jul-10
Jan-10
Jul-09
Jan-09
Jul-08
Jan-08
Jul-07
Jan-07
Jul-06
Jan-06
Jul-05
Jan-05
Jul-04
Jan-04
Jul-03
Jan-03
Jul-02
Jan-02
Jul-01
Jan-01
Jul-00
Jan-00
160
INDEX, 100=1985
140
120
100
80
60
40
Crisis of Confidence:
Small Business Optimism Down
6%
All Items
5%
Core
4%
3%
2%
1%
0%
-1%
-2%
Jan-11
Jan-10
Jan-09
Jan-08
Jan-07
Jan-06
Jan-05
Jan-04
Jan-03
Jan-02
Jan-01
Jan-00
-3%
Monetary Policy
ARM
6.00%
MONTHLY
WEEKLY
5.00%
4.00%
3.00%
2.00%
1.00%
9.15.11
8.25.11
8.4.11
2011.07
2011.04
2011.01
2010.10
2010.07
2010.04
2010.01
2009.10
2009.07
2009.04
2009.01
0.00%
2%
ARM
1%
Federal Funds
Jan-11
Jan-10
Jan-09
Jan-08
Jan-07
Jan-06
Jan-05
Jan-04
Jan-03
Jan-02
Jan-01
Jan-00
0%
Fiscal Policy
Deficit as a % of GDP
2.0%
0.0%
-2.0%
-4.0%
-6.0%
-8.0%
-10.0%
1962
1964
1966
1968
1970
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
-12.0%
Debt as a % of GDP
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
1962
1964
1966
1968
1970
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
0.0%
Why:
Economy is stalled/Avoid double-dip
Zero job growth in August/high unemployment
Stabilize confidence: consumer, business, investor
How:
Increase taxes on the rich
Entitlement Reform
Tax Reform
Housing
CA Home Sales
7,000,000
700,000
6,000,000
600,000
5,000,000
500,000
4,000,000
400,000
3,000,000
300,000
2,000,000
200,000
1,000,000
100,000
$400,000
$300,000
$200,000
$100,000
$0
CA Median Price
US
100%
Q1 2011
Q3 2010
Q1 2010
Q3 2009
Q1 2009
Q3 2008
Q1 2008
Q3 2007
Q1 2007
Q3 2006
Q1 2006
Q3 2005
Q1 2005
Q3 2004
Q1 2004
Q3 2003
Q1 2003
Q3 2002
Q1 2002
Q3 2001
Q1 2001
Q3 2000
Q1 2000
0%
CA Underwater Mortgages
40%
35%
30.2%
30%
25%
20%
15%
10%
4.6%
5%
0%
Q2-2011
Q1-2011
Q4-2010
Q3-2010
Q2-2010
Q1-2010
Q4-2009
SOURCE: CoreLogic
900
12.0%
800
10.0%
700
600
8.0%
500
6.0%
400
300
4.0%
200
2.0%
100
Q1/10
Q1/09
Q1/08
Q1/07
Q1/06
Q1/05
Q1/04
Q1/03
Q1/02
Q1/01
Q1/00
Q1/99
Q1/98
Q1/97
Q1/96
Q1/95
Q1/94
Q1/93
Q1/92
Q1/91
0.0%
Q1/90
What Happened?
Conclusions
Excessive borrowing against home equity is the
untold part of the foreclosure story.
House Prices, Home Equity-Based Borrowing, and
the U.S. Household Leverage Crisis by Mian and
Sufi: American Economic Review :
Understanding the
Financial Crisis
2006
2007
2008
2009
US GDP
Nonfarm Job
Growth
Unemployment
CPI
Real Disposable
Income, %
Change
2005
2006
2007
2008
Nonfarm Job
Growth
1.8%
1.7%
0.8%
Unemployment
Rate
5.4%
4.9%
5.4%
Population
Growth
1.2%
1.1%
1.1%
1.2%
1.1%
0.9%
0.9%
0.9%
Real Disposable
Income, %
Change
1.3%
3.4%
1.5%
0.1%
-2.2%
1.6%
1.5%
2.0%
2009
2010
2011f 2012f
1.5%
2.1%
UNITS/MEDIAN PRICE $
Median Price
700,000
-44%
600,000
500,000
-25%
-61%
400,000
300,000
200,000
100,000
2010
2008
2006
2004
2002
2000
1998
1996
1994
1992
1990
1988
1986
1984
1982
1980
1978
1976
1974
1972
1970
% Change
Percent Change
50%
$327
37%
40%
$300
30%
24%
$250
26%
$200
20%
16%
10%
2%
$150
3%
$129
-2% -1.0%
$100
$150
-19%
-5%
$143
0%
-10%
$147
-20%
-22%
$50
-30%
-27%
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
-40%
2000
$0
Sales
Consumer Confidence
INDEX
700,000
160
600,000
140
120
500,000
100
400,000
80
300,000
60
200,000
40
100,000
20
0
Jan-00
Jul-00
Jan-01
Jul-01
Jan-02
Jul-02
Jan-03
Jul-03
Jan-04
Jul-04
Jan-05
Jul-05
Jan-06
Jul-06
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
$700,000
$600,000
T: Feb-09
$245,230
-59% from
peak
$500,000
$400,000
$300,000
$200,000
$100,000
Jan-11
Jan-10
Jan-09
Jan-08
Jan-07
Jan-06
Jan-05
Jan-04
Jan-03
Jan-02
Jan-01
Jan-00
$0
Jan-11
Jan-10
Jan-09
Jan-08
Jan-07
Jan-06
Jan-05
Jan-04
Jan-03
Jan-02
Jan-01
Jan-00
Jan-99
Jan-98
Jan-97
Jan-96
Jan-95
Jan-94
Jan-93
Jan-92
Jan-91
Jan-90
Jan-89
Jan-88
MONTHS
20
18
16
14
12
10
9.2
6.9
6.3
5.6
5.1
9.1
6.2
5.6
5.2
4.6
MONTHS
30
$0 - 300K
$300-500K
25
$500-750K
$750-1000K
20
$1,000K+All
15
10
5
Jul-11
Apr-11
Jan-11
Oct-10
Jul-10
Apr-10
Jan-10
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
Jul-08
Apr-08
Jan-08
Oct-07
Jul-07
Apr-07
Jan-07
Oct-06
Jul-06
Apr-06
Jan-06
Oct-05
Jul-05
Apr-05
Jan-05
Market Breakdown:
Equity v. Distressed
Sales
Aug-10
60%
Jul-11
Aug-11
44.5%
42.9%
43.7%
40%
24.7%
25.2%
24.4%
19.3%
20%
17.5%
18.9%
0%
REOs
SOURCE: California Association of REALTORS
Short Sales
Distressed Sales
Unsold
Inventory Index
(Months)
9
8
7
6
5
4
3
2
1
0
8.1
5.7
2.6
Equity Sales
REO Sales
Short Sales
Aug 2011
100%
Short Sales
80%
REO Sales
7%
60%
30%
23%
40%
67%
20%
36%
37%
24%
19%
38%
41%
0%
Madera
Merced
San Benito
Sacramento
Kern
Aug 2011
80%
Short Sales
REO Sales
60%
26%
40%
20%
20%
15%
13%
28%
15%
11%
0%
Marin
Napa
San
Mateo
21%
18%
45%
10%
Santa
Clara
24%
Solano
Sonoma
Aug 2011
80%
Short Sales
REO Sales
60%
40%
20%
26%
14%
24%
20%
20%
35%
49%
8%
12%
0%
19%
Los
Angeles
Orange
Riverside
San
Bernardino
San Diego
Aug 2011
80%
60%
Short Sales
REOs
11%
40%
7%
48%
20%
25%
8%
7%
34%
13%
57%
25%
0%
5%
36%
32%
9%
20%
39%
15%
51%
65,000
60,000
6 Month Average:
NTSs: 23,806
55,000
50,000
NODs: 23,625
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
SOURCE: ForeclosureRadar.com
Jul-11
May-11
Mar-11
Jan-11
Nov-10
Sep-10
Jul-10
May-10
Mar-10
Jan-10
Nov-09
Sep-09
Jul-09
May-09
Mar-09
Jan-09
Nov-08
Sep-08
Jul-08
May-08
Mar-08
Jan-08
Nov-07
Sep-07
Jul-07
May-07
Mar-07
Jan-07
5,000
0
CA Foreclosure Outcomes
August 2011
REO: -12.2% YTD 3rd Party: -4.1% YTD Cancel: -19.7% YTD
REOs
Cancellations
6 Month Average:
30,000
REO: 10,880
3rd Party: 3,616
25,000
Cancelled: 14,447
20,000
15,000
10,000
5,000
SOURCE: ForeclosureRadar.com
Jul-11
Apr-11
Jan-11
Oct-10
Jul-10
Apr-10
Jan-10
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
Jul-08
Apr-08
Jan-08
Oct-07
Jul-07
Apr-07
Jan-07
CA Foreclosure Inventories
August 2011
Preforeclosure: -17.5% YTD Schedule for Sale: -17.8% YTD
Bank Owned: 7.0% YTD
6 Month Average:
Preforeclosure
200,000
100,000
50,000
SOURCE: ForeclosureRadar.com
Jul-11
Apr-11
Jan-11
Oct-10
Jul-10
Apr-10
Jan-10
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
Jul-08
Apr-08
Jan-08
Oct-07
Jul-07
Apr-07
Jan-07
Sacramento
Preforeclosure: 2,667 Auction: 1,792 Bank Owned: 1,281
Sacramento
Preforeclosure: 2,667 Auction: 1,792 Bank Owned: 1,281
Sacramento
Preforeclosure: 2,667 Auction: 1,792 Bank Owned: 1,281
Sacramento
Preforeclosure: 2,667 Auction: 1,792 Bank Owned: 1,281
Roseville
Preforeclosure: 394 Auction: 322 Bank Owned: 162
Citrus Heights
Preforeclosure: 324 Auction: 208 Bank Owned: 149
Orangevale
Preforeclosure: 112 Auction: 94 Bank Owned: 67
Regional Housing
Markets
Consumer Confidence
UNITS
2600
INDEX
160
2400
140
2200
2000
120
1800
100
1600
1400
80
1200
1000
60
800
40
600
400
20
200
Jan-11
Jan-10
Jan-09
Jan-08
Jan-07
Jan-06
Jan-05
Jan-04
Jan-03
Jan-02
Jan-01
Jan-00
Jan-99
Jan-98
Jan-97
Jan-96
Jan-95
Jan-94
Jan-93
Jan-92
Jan-91
ANNUAL
UNITS
25,000
2,500
20,000
2,000
15,000
1,500
10,000
1,000
2008
2009
5,000
500
2010
2011
Dec
Nov
Oct
Sept
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
2010
2007
2004
2001
1998
1995
1992
1989
Jan-11
Jan-10
Jan-09
Jan-08
Jan-07
Jan-06
Jan-05
Jan-04
Jan-03
Jan-02
Jan-01
Jan-00
Jan-99
Jan-98
Jan-97
Jan-96
Jan-95
Jan-94
Jan-93
Jan-92
Jan-91
Jan-90
Jan-89
$0
ANNUAL
$400,000
$400,000
$350,000
$350,000
$300,000
$300,000
$250,000
$250,000
$200,000
$200,000
$150,000
$150,000
$100,000
$100,000
2008
2009
2010
Dec
Nov
Oct
Sept
Aug
Jul
Jun
May
Apr
Mar
Feb
2011
Jan
2010
2007
2004
2001
1998
$-
1995
$1992
$50,000
1989
$50,000
Aug-10
Aug-11
Yearly %
Change
ANTELOPE
$176,500
$160,000
-9.4%
CARMICHAEL
$240,000
$187,100
-22.0%
CITRUS HEIGHTS
$165,000
$138,000
-16.4%
ELK GROVE
$230,000
$211,500
-8.0%
ELVERTA
$111,000
$131,000
18.0%
FAIR OAKS
$260,000
$219,000
-15.8%
FOLSOM
$330,000
$284,000
-13.9%
GALT
$155,000
$135,250
-12.7%
SOURCE: DataQuick Information Systems. The price statistics are derived from
all types of home sales -- new and existing, condos and single-family.
Aug-10
Aug-11
Yearly %
Change
$182,500
$160,500
-12.1%
$90,000
$80,000
-11.1%
ORANGEVALE
$206,500
$177,000
-14.3%
RANCHO CORDOVA
$211,250
$195,000
-7.7%
RIO LINDA
$151,000
$114,000
-24.5%
SACRAMENTO
$139,000
$131,500
-5.4%
SLOUGHHOUSE
$214,000
$340,000
58.9%
WILTON
$444,500
$330,000
-25.8%
SACRAMENTO COUNTY
$172,000
$159,000
-7.6%
MATHER
NORTH HIGHLANDS
SOURCE: DataQuick Information Systems. The price statistics are derived from
all types of home sales -- new and existing, condos and single-family.
Jan-11
Jan-10
Jan-09
Jan-08
Jan-07
Jan-06
Jan-05
Jan-04
Jan-03
Jan-02
Jan-01
Jan-00
Jan-99
Jan-98
Jan-97
Jan-96
Jan-95
Jan-94
Jan-93
0.0
Jan-11
Jan-10
Jan-09
Jan-08
Jan-07
Jan-06
Jan-05
Jan-04
Jan-03
Jan-02
Jan-01
Jan-00
Jan-99
Jan-98
Jan-97
Jan-96
$800
$600
$400
Q1/11
Q2/10
Q3/09
Q4/08
Q1/08
Q2/07
Q3/06
Q4/05
Q1/05
Q2/04
Q3/03
Q4/02
Q1/02
Q2/01
Q3/00
Q4/99
Q1/99
Q2/98
$0
Q3/97
$200
0%
1990
1992
1994
Q4/95
Q4/96
Q3/97
Q1/98
Q3/98
Q1/99
Q3/99
Q1/00
Q3/00
Q1/01
Q3/01
Q1/02
Q3/02
Q1/03
Q3/03
Q1/04
Q3/04
Q1/05
Q3/05
Q1/06
Q3/06
Q1/07
Q3/07
Q1/08
Q3/08
Q1/09
Q3/09
Q1/10
Q3/10
Q1/11
VACANCY RATE
9%
8%
7%
6%
5%
4%
3%
2%
1%
Sacramento
500
400
300
200
100
0
Aug-09
Nov-09
Feb-10
May-10
Aug-10
Nov-10
Feb-11
May-11
Aug-11
$150,000
$100,000
$50,000
$0
Aug-09
Nov-09
Feb-10
May-10
Aug-10
Nov-10
Feb-11
May-11
Aug-11
Roseville
Nov-09
Feb-10
May-10
Aug-10
Nov-10
Feb-11
May-11
Aug-11
$250,000
$200,000
$150,000
$100,000
$50,000
$0
Aug-09
Nov-09
Feb-10
May-10
Aug-10
Nov-10
Feb-11
May-11
Aug-11
Citrus Heights
40
20
0
Aug-09
Nov-09
Feb-10
May-10
Aug-10
Nov-10
Feb-11
May-11
Aug-11
$150,000
$100,000
$50,000
$0
Aug-09
Nov-09
Feb-10
May-10
Aug-10
Nov-10
Feb-11
May-11
Aug-11
Orangevale
30
20
10
0
Aug-09
Nov-09
Feb-10
May-10
Aug-10
Nov-10
Feb-11
May-11
Aug-11
Nov-09
Feb-10
May-10
Aug-10
Nov-10
Feb-11
May-11
Aug-11
2009
2010
2011
59%
60%
40%
20%
20%
20%
0%
REOs
Q. Was the property purchased/sold as a
foreclosure, REO, short sale, or none of the above?
Short Sales
Equity Sales
REO Sales
Short Sales
58.7%
19.7%
20.2%
$431,000
$240,000
$287,000
Square Footage
1,783
1,500
1,600
Price / SF
$250
$112
$175
95.9%
98.0%
95.9%
35.2%
58.3%
57.5%
3.0
3.0
3.6
25.5%
34.0%
23.3%
Days on MLS
67
50
141
Days in Escrow
35
35
45
30%
30%
25%
20%
15%
10%
5%
0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q. What was the single most important reason for
selling/buying the property?
21.8%
20%
15%
10%
5%
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
0%
$75,000
$50,000
$0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q. What was the net cash gain or net loss to the seller as a result of this sale?
16
14
6%
12
5%
10
4%
3%
2%
1%
0%
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q. What was the original list sales price of the property? What was the final sales price of the property?
How many weeks did the property remain on the MLS?
Multiple Offers
%with M ultiple Offers
60%
50%
40%
30%
20%
10%
0%
0
2000
2002
2004
2006
2008
2010
Seller is a lender/bank
Seller prefers to have less financial obligation
11.4%
10.9%
5.7%
Out of work/unemployment
4.9%
4.7%
2.7%
40.0%
Other
0%
10%
20%
30%
40%
50%
5%
10%
15%
20%
Q. What was the single most important reason for selling/buying the property?
25%
30%
35%
5%
0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Vacation/Second Home
25%
20%
7%
15%
10%
5%
0%
17%
Foreign Buyers
10%
% of Foreign Buyers
8%
8%
6%
6%
5%
6%
4%
2%
0%
2008
Q. Was the buyer a foreign buyer?
2009
2010
2011
14
12
10
8
6
4
2
0
7.0
6.0
California Housing
Market Forecast
SFH Resales
(000s)
% Change
Median Price
($000s)
% Change
2010
Projected
October
2010
2010 Actual
2011
Forecast
October
2010
2011
Projected
492.0
491.5
502.0
491.1
-10.0%
-10.1%
2.0%
-0.1%
$306.5
$303.1
$312.5
$291.0
11.5%
10.2%
2.0%
-4.0%
2005
2006
2007
2008
2009
2010
2011f
2012f
625.0
477.5
346.9
441.8
546.9
491.5
491.1
496.2
1.0%
% Change
Median
Price
($000s)
% Change
16.0%
6.5%
0.7%
30-Yr FRM
5.9%
6.4%
6.3%
6.0%
5.1%
4.7%
4.5%
4.7%
1-Yr ARM
4.5%
5.5%
5.6%
5.2%
4.7%
3.5%
3.0%
3.1%
1.7%
Closing Thoughts
Flat
Unsure
Up
100%
80%
60%
40%
20%
0%
Sellers
Buyers
Q: Do you think home prices in your neighborhood will go up, down or stay flat in one year, five years and 10 years?
SOURCE: Real estate: Its time to buy again Fortune Magazines 3/28/11 article written by Shawn Tully
SOURCE: Pew Research Centers Home Sweet Home. Still. Five Years After the Bubble Burst
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