The steep part of the 2007-2009 decline was done by 2Q2009, but the trend was still down after that and the index didn't actually bottom out until the first half of 2012.
Housing prices tend to be sticky/laggy. When prices fall, many of potential sellers refuse to accept the new reality. As a result the period between 2009 and …
The steep part of the 2007-2009 decline was done by 2Q2009, but the trend was still down after that and the index didn't actually bottom out until the first half of 2012.
Housing prices tend to be sticky/laggy. When prices fall, many of potential sellers refuse to accept the new reality. As a result the period between 2009 and 2012 had lots of inventory that wasn't moving because it was still priced too high, and it didn't move until sellers capitulated. Personal anecdote: We bought our place in FL in 2011. Back in 2009, the seller had turned down an all-cash offer for 30% more than we ended up paying.
The steep part of the 2007-2009 decline was done by 2Q2009, but the trend was still down after that and the index didn't actually bottom out until the first half of 2012.
Housing prices tend to be sticky/laggy. When prices fall, many of potential sellers refuse to accept the new reality. As a result the period between 2009 and 2012 had lots of inventory that wasn't moving because it was still priced too high, and it didn't move until sellers capitulated. Personal anecdote: We bought our place in FL in 2011. Back in 2009, the seller had turned down an all-cash offer for 30% more than we ended up paying.