Real Estate Prices

Housing prices can go down. - Sep. 19, 2005 Web CNN/Money Home News Markets Technology Commentary Personal Finance Autos Real Estate Real Estate Buying & Selling SAVE | EMAIL | PRINT | SUBSCRIBE TO MONEY | Real estate: When booms go bust... Home prices can and do go down. Here's what declines have looked like in the past. September 19, 2005: 6:21 PM EDT By Les Christie, CNN/Money staff writer NEW YORK (CNN/Money) - Across America, real-estate prices continue to confound the skeptics. Many Americans have come to think of their homes as rock-solid investments with little downside. And why not: For the past 40 years, national home prices have surpassed inflation by a percentage point or two on average and there has never been a national real-estate bust. But are people ignoring the risks? "I think Americans are not well aware that many markets are risky," says Ingo Winzer, president of Local Market Monitor, which sells real-estate market analysis to corporate and consumer clients. Those investors should realize that price reversals do happen, even if only locally rather than nation-wide. A look at the not so distant past reveals numerous examples of cities that went through housing busts -- followed by years of falling prices. Some have never fully recovered. Once hot, then not Take Los Angeles, where real estate has been turbocharged for nearly 10 years. But the early 1990s were a different story; the average house price in L.A. dropped from $222,200 in 1990 to $176,300 in 1996, a loss of 20.7 percent. Furthermore, those are nominal prices, not real values. To calculate the loss more realistically you would have to figure in the cost of inflation: $222,200 in 1990 would have been worth $266,700 in 1996 dollars, which means the actual loss for homeowners buying in 1990 and selling in 1996 was closer to 34 percent. Not exactly the Nasdaq meltdown for investors, but getting closer. But that's L.A., where the aerospace- and film and television production-based economy can be a bit volatile. What about cities in more traditional areas? How did things play out in Peoria, Ill. for instance? Not well, not in the early 1980s at least. Peoria experienced real-estate price drops amounting to more than 15 percent tied, in part, to strikes and lay-offs at Caterpillar, the city's biggest employer. In 1981, the average home there sold for $60,800. By 1985, that had dipped to $51,400. "Oil patch" cities, suffered even sharper declines. In Oklahoma City prices plummeted 26 percent from 1983 to 1988. It took 15 years for prices there to return to nominal 1983 levels. Houston home prices fell 22 percent from $111,000 to $86,800, and also took 15 years to rebound. Counting inflation, the average Houston home, which cost just $159,700 in 2004, is actually worth less now than it was 22 years ago. When, adjusted for inflation, a home cost about $219,000 in 1983. In Oklahoma City, the inflation-adjusted price in 1983 was $196,600. Today, it's just $135,100. The boom will end, but when? History seems to dictate that the current price boom is at risk. One factor is that real-estate investing has spiked, pressuring prices upward. In Phoenix, according to Bill Jilbert, president and COO of the Coldwell Banker brokerage there, investors from Nevada and California have invaded the Arizona market, and "affordable housing has been pushed to extremes." That story is echoed in many local markets. Low interest rates have also kept real estate bubbling. Cheap mortgages enable entry level buyers to get into the market and wealthier ones to afford more expensive houses. That means higher demand and higher prices at all market levels. Winzer says that low rates "have extended the cycle." Winzer assesses local market risk by taking into account economic and population growth, construction costs, vacancy rates, and, especially, income. He also considers such factors as density and access to open land. Prices in densely settled New York have always been higher than those of cities with lots of space for new housing. Winzer considers real estate "very risky right now." And because the price run up has been so high he expects the adjustment period where home prices stagnate as income catches up -- to take a very long time. Before they purchase a home, buyers better figure on scenario of many years of little or slow home-price appreciation. Counting on home price increases could be a big mistake. The boom has already gone on longer than Winzer thought it would. "Bubbles do tend to last longer than most people expect," he says, "and end quicker." _____________________________________________________________________________________ Think you're living in a bubble? Here are four strategies . Watch out: 5 crazy loans that could hurt you Hot markets have not slowed much yet. See that story by clicking here . For more articles on Real Estate, subscribe to MONEY Magazine . The Hot List Most profitable renovations How risky is your 401(k)? Big new tax credits for hybrid cars More Buying & Selling Least affordable rental markets Take this home market...and love it Double jeopardy for landlords contact us | magazine customer service | site map | glossary | RSS | press room OTHER NEWS: CNN | SI | Fortune | Business2.0 = Money subscribers = Premium content -- * - Time reflects local markets trading time. † - Intraday data is at least 15-minutes delayed. Disclaimer © 2005 Cable News Network LP, LLLP. A Time Warner Company ALL RIGHTS RESERVED. Terms under which this service is provided to you. privacy policy Reprints of site stories are available. Top Stories Most overvalued housing markets Risks to the economy in 2006 Which was the worst ad of all in 2005? After the ride, a rest Hilton brands reunite after 40 years YOUR E-MAIL ALERTS Follow the news that matters to you. 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Real Estate Sales Summit

Breckenridge, Keystone, and all Summit County ColoradoReal Estate Summit County Real Estate Home Summit County MLS Summit County Real Estate Sales Summit County Real Estate Showcase New Construction Selling Buying 1031 Exchange Office Locations Breckenridge Resort Help Wanted Summit County Colorado Real Estate Quick Real Estate Search Area: Breckenridge Keystone Copper Mountain Dillon / Summit Cove Frisco Silverthorne / Wildernest Park County Leadville Other Type: Residential Price: 000 to 000 Min Beds Ignore 1 2 3 4 5 Min Baths: Ignore 1 2 3 4 5 Min Square Feet: Contact | Advanced Search | Home Summit County Colorado Real Estate This is the index page for the Summit County Colorado real estate site of Ted Amenta , RE/MAX Properties of the Summit - Breckenridge real estate agent. Contact Ted for information on any real estate in Summit County Colorado including Breckenridge, Keystone, Dillon, Frisco, Silverthorne, Wildernest, Blue River, and Copper Mountain . Personal Summit County Real Estate Search Account This FREE service will allow you to search real estate listing details for all of the property listings in the Summit County Multiple Listing System (MLS). You can save specific real estate search results and specific properties to come back and view at any time. You will be able to view complete property photos, map out property locations, track price changes, arrange for automatic email notification of new listings, email listing details to others, set up showings, and much more! ( This link will open in a new window ) Click here for other search options Featured Summit County Real Estate : This area has complete real estate listing information and property photos for Ted's personal Summit County real estate listings. Buying Summit County Real Estate : For those planning to invest in Summit County real estate. Selling Summit County Real Estate : For those who have Summit County real estate which they would like to sell. 1031 Exchange Information : For both buyers and sellers of Summit County real estate. Summit County Real Estate Sales : Summit County real estate sales data dating back to Jan 01, 2000. Contact Information : How to contact Summit County real estate agent, Ted Amenta. Office Location : Ted's Breckenridge real estate office locations. Summit County Real Estate Links : This page provides links to other sites which may be of interest to anyone considering the purchase or sale of Summit County real estate. Breckenridge Tourism Guide : Another web site provided by Ted with information on Breckenridge lodging, dining, nightlife, shopping, history, maps, etc. Click here to contact Ted Realtor Ted Amenta is an Associate Broker with RE/MAX Properties of the Summit Each office Independently Owned and Operated Site Map 1 2 3 4 Summit County Gas Prices

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