Bubblicious

http://mrzine.monthlyreview.org/sandronsky190206.html

   

Bubblicious: Looking at the U.S. Real Estate Market

    by Seth Sandronsky
   

Many
eyes are on the U.S. real estate market.  "During the past five years, home
prices have risen at an annual rate of 9.2 percent," according to the 2006 Economic Report of the President
released on February 13. Was this growth normal?  We need the historical
context of home price increases to answer this question.

   

The media
coverage of the report sidestepped the historical context altogether.  For
the relevant historical data on recent home prices, we turn to economist
Dean Baker, co-director of the Center for Economic and Policy Research in Washington, DC.

   

"Through
the post-war period 1950 to 1995, house prices grew at approximately the
same rate as the prices of other goods and services,"
Baker wrote last July.

Posted in Real Estate Bubble

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