“Housing was ground zero for the Great Recession. Between early 2006 and Obama's inauguration in 2009, average house prices fell by a third across the country. In certain areas, including cities as diverse as Akron, Orlando and Las Vegas, house prices fell by more than half.” CountryCertainHouseCitiesHalfAreasThirdsIncludingAverageZeroDiverseHousingVegasLas VegasRecessionsInaugurationOrlandoGround ZeroGreat RecessionHouse Prices Author:Mark Zandi
“It is hard to be enthusiastic about the economy's prospects when house prices are falling: Households spend less, small business owners can't use homes as collateral for loans and local governments are forced to cut jobs and programs as property-tax revenue disappears.” HardUseHomeGovernmentJobsFallHouseEconomyCuttingTaxesProgramPropertyDisappearLocalsOwnersHouseholdSmall BusinessRevenueLoanEnthusiasticProspectsBusiness OwnersLocal GovernmentSmall Business OwnersCollateralProperty TaxesHouse Prices Author:Mark Zandi
“The key to house prices is the share of foreclosure or short sales in the total housing market. When that share rises, house prices will fall, because distressed properties sell for significantly less - currently around 25 percent below non-distressed houses.” FallHouseShareKeysPercentSellsPropertyHousingForeclosureHousing MarketHouse Prices Author:Mark Zandi
“There is plenty of blame to go around for the U.S. housing bubble, but not much of it belongs to Fannie Mae and Freddie Mac. The two giant housing-finance institutions made many mistakes over the decades, some of them real whoppers, but causing house prices to soar and then crater during the past decade weren't among them.” MadeTwoRealPastHouseMistakeInstitutionsBlameDecadesFinancePlentyGiantsBubblesSoarHousingMacsMaeCratersHouse PricesHousing Bubble Author:Mark Zandi
“We’ve never had a decline in house prices on a nationwide basis. So, what I think what is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit. I don’t think it’s going to drive the economy too far from its full employment path, though.” ThinkingMightHouseBitsEconomyPathBasesSpendingEmploymentDeclineConsumptionHouse Prices Author:Ben Bernanke
“If you really think that houses prices are going to go up next year and the year after, you feel if I don't buy it this year, I'm going to have to buy it next year. [...] And when somebody makes it very easy for you to do it by saying you don't really have to put up my money, you can lie about your income a little, or we'll give you 100 percent mortgage, you're going to do it, because everybody that's done it has been proven right. You have what they call social tools, and, you know, you're going to feel like an idiot if you didn't do it, because the house cost more.” IfsThinkingKnowsGivingFeelsYearsLittlesHas BeensDoneLyingNextHouseSocialEasyCostPercentToolsIncomeIdiotProvenNext YearMortgageHouse Prices Author:Howard Warren Buffett
“But 300 million Americans, their lending institutions, their government, their media, all believed that house prices were going to go up consistently. And that got billed into a $20 trillion residential home market. Lending was done based on it, and everybody did a lot of foolish things.” DoneHomeGovernmentHouseMillionsMediaInstitutionsFoolishConsistentlyLendingHouse Prices Author:Warren Buffett
“House prices just soared beyond - beyond reason in many places and they got financed in silly ways, and people lied about loans, all kinds of accesses entered into it. But that is what - that is the single biggest cause of why we're here.” PeopleWayKindReasonHouseCausesAccessSillyAll KindsLoanLiedPeople LieHouse Prices Author:Warren Buffett
“With housing it's something even more dramatic than that, because most people aspire to own their own home.If you really think that houses prices are going to go up next year and the year after, you feel if I don't buy it this year, I'm going to have to buy it next year.That's not true of an Internet stock. But it's true of a home.” PeopleIfsThinkingFeelsYearsHomeNextHouseInternetDramaticAspireHousingNext YearHouse Prices Author:Warren Buffett
“It is almost impossible to open a newspaper without reading something about the London housing market. House prices are rising at such a rate that the vast majority of Londoners can't afford to buy, are being forced out of the boroughs they grew up in, or in the worst cases, are being made homeless. If nothing is done, people will continue to be driven out of the city and London will cease to be a hub for creativity and entrepreneurship.” PeopleIfsMadeDoneReadingHouseCitiesCreativityCasesImpossibleWorstGrewGrew UpMajorityRateLondonDrivenNewspapersCeaseEntrepreneurshipRisingHomelessHousingHubLondonersHousing MarketHouse Prices Author:David Lammy
“The impact of the downturn is starting to feel very real. House prices and the housing market have been taking the knock for some time and that's affecting people.” PeopleFeelsHas BeensRealHouseImpactStartingHousingDownturnHousing MarketHouse Prices Author:Lucy Powell
“House prices have risen by nearly 25 percent over the past two years. Although speculative activity has increased in some areas, at a national level these price increases largely reflect strong economic fundamentals.” YearsTwoPastHouseStrongLevelsEconomicActivityPercentAreasIncreaseFundamentalsTwo YearsRisenOver The PastHouse Prices Author:Ben Bernanke
“The two questions that anyone ever asks me are: 'Are house prices going to go down?' and 'Is it a good time to fix my mortgage rate?'” TwoAsksHouseDown AndRateAsk MeGood TimesMortgageHouse PricesMortgage Rate Author:Evan Davis
“Buying a home wouldn't make much sense if house prices were likely to decline further; no one wants to catch a falling knife.” IfsWantHomeFallHouseBuyingKnivesDeclineHouse PricesBuying A Home Author:Mark Zandi
“A housing renaissance has begun. This may be hard to believe after the dizzying, six-year-long crash in home sales, construction and house prices. But housing turned the corner last year, and it will take off in 2013.” YearsBelieveMayLongHardHomeLastsHouseSixCornersConstructionLast YearCrashHousingRenaissanceHard To BelieveHouse Prices Author:Mark Zandi