But the difference there was the housing prices had continued to rise every year.
It is throwing trillions of dollars at shoring-up banks caught in the housing mess, but nothing has, so far, put a floor under the plunging housing prices at the heart of the credit crisis.
Obviously housing has been sort of a major part of where this crisis started, with the decline in housing prices and the problems certainly there.
Without the surge in housing prices, the subprime market would have never taken off.
Much of the rise in housing prices was the result of public policies that increased the demand for housing.
We all know that there are many reasons to be pessimistic about the direction of housing prices, the number 1 reason being the lack of credit.
And worries about increasing government borrowing and the spike in housing prices further reduce the room for hefty stimulus policies.
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The rise in housing prices in some areas of the country--like California, New York and Washington, D.
Historically low interest rates and bottom-of-the-trough housing prices have combined to increase the Housing Affordability Index (as reported by the National Association of Realtors) to record highs.
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While the economic problem is housing prices, the financial problem is much bigger.
Rahl reminded the audience of 250 Rutgers MBA students and faculty that before 2007 the worst decline in housing prices in the US had been 20%.
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How then could he not see a problem with all-time highs in housing prices across the country, an unprecedented spread between housing prices and rental value, and rates of growth not seen in decades?
These loans represented trillions poured into the housing market, pumping up housing demand and prices, and so greatly contributing to the housing bubble.
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The positive stuff that can be cherry-picked off the report, the fact that housing prices increased on a monthly basis for the first time in eight months and thirteen of the twenty cities showed monthly increases can be attributed to a slowdown in the number of foreclosures sold for the month.
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The bottoming of housing prices and a pickup in mortgage activity seem in the cards, too.
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Trying to stimulate the housing market by purchasing additional MBS only postpones the adjustment in housing prices that still needs to occur to bring about a balancing of demand and supply.
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The stock is down 25.6% over the last 12 months and a whopping 77% over the last five years, all the while Brazilian housing prices were rising to where they are today: the fastest rising single country home market in the world.
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The collapse of housing prices destroyed a major portion of household wealth and shattered the balance sheets of financial institutions, sending the U.S. economy into a deep recession.
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Lower mortgage rates helped sustain the housing market, and housing prices recently appear to have stabilized.
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Senior Statistician Ma Xiaoming said the sales price decrease indicates that, after arduous and unremitting efforts, the momentum of housing prices in general have been effectively curbed, and achieved remarkable results in the real estate regulation.
This news followed hard on the heels of the news that housing prices continue to fall in 16 out of 20 major U.S. cities for the sixth month straight, to the level of a decade ago, prices on average down over one third with nine cities hitting their lowest level since the bust.
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What is most stunning about the assumption of ever-rising housing prices in the 2000s is that it refuted the actual lived experience of many people, i.e.
For evidence of the former, Chan points at the housing market, where prices have gained substantially over the past years, and are expected to rise nearly 8% in 2013.
It looked like the trend in housing prices had turned positive after bottoming out in 2009.
They had been looking at condos, but the crash in housing prices made bigger homes within reach.
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This is one of the cities where housing prices really has shot up.
But those homeowners were caught in the game when housing prices dropped dramatically and houses could no longer be flipped.
As purchasing power is lost throughout the economy, housing prices tumble again.
The rise in housing prices is threatening to drive out residents.
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If long rates begin to drift up I believe it will move some people off the sidelines which will begin to move the needle on housing prices.
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