Website review: Calculated Risk: Orange County, CA ...
bgamall discovered this in Real Estate
•1 reviews since May 4, 2008
house-bubble
•calculatedrisk.blogspot.com/2008/05/orange-co...
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bgamall discovered 3 months ago- Update from Calculated Risk: The price of the house graphed below has been slashed to 439k from 603k. Keeping that in mind here is info from Calculated Risk about the graph: This graph shows the nominal prices for Orange County using the prices for the Traverse Drive house in 1994 as a reference. It appears the price for the Traverse Drive house followed the Case-Shiller index pretty closely. It is now being offered as a short sale for $559 thousand, well above the $475 thousand that the Case-Shiller index would suggest for February 2008. The dashed line shows the inflation adjusted prices, based on the Sept 1994 sales price. To reach the inflation adjusted price, the Traverse Drive house price would have to decline to $246 thousand - almost another 50% from the current Case-Shiller indicated price!
- Update from Calculated Risk: The price of the house graphed below has been slashed to 439k from 603k. Keeping that in mind here is info from Calculated Risk about the graph: This graph shows the nominal prices for Orange County using the prices for the Traverse Drive house in 1994 as a reference. It appears the price for the Traverse Drive house followed the Case-Shiller index pretty closely. It is now being offered as a short sale for $559 thousand, well above the $475 thousand that the Case-Shiller index would suggest for February 2008. The dashed line shows the inflation adjusted prices, based on the Sept 1994 sales price. To reach the inflation adjusted price, the Traverse Drive house price would have to decline to $246 thousand - almost another 50% from the current Case-Shiller indicated price!
