Many people ask me about the current real estate headlines and what they mean to buyers and sellers. Keep in mind that the media has been making dire predictions about real estate for decades:
1969 "the goal of owning a home seems to be getting beyond the reach of more and more Americans. The typical new house today costs about $28,000."
Business Week
1977 " The median price of a home today is approaching $50,000. Housing experts predict price rises in the future won't be that great"
National Business
1985 "the golden-age of risk free run-ups in home prices is gone"
Money Magazine
1996 Defense cuts had triggered steep home price declines. " A home is where bad investment is."
San Francisco Examiner
In the three years following that last statement, California home prices rose 19.7%, wiping out the losses of the early 90's and ending the decade with a net gain of 9.35%.
According to CAR Annual Median Sales Price of Existing Single Family Home:
1985 $119,860
2000 $241,350
2002 $316,130
2004 $450,000
2006 $556.640
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