2008 wiped out six years of stock gains.
Filed under Uncategorized
Tagged as Greenwich real estate
I would think yes. Prices should be pre-bubble. The question is: what’s pre-bubble? I’ve seen people say the bubble really started in 1997. Things didn’t really take off until 2002/2003. What I’ve been doing is taking estimated 2000/2001 prices and inflating at CPI or (on the high end) 0.04 to achieve a more realistic price. But why shouldn’t houses retrace 2007-2002 = at least 5 years. Even that algorithm probably estimates high compared to the ambiguous “true” value (whatever that means). I can think of several reasons why it would predict high. But most prices still haven’t fallen close to that far (I’m in Maryland).
A lot of appraisers are coming in at the 2001-2002 mark…and that started in August of this year.
Truth is there have been too few sales in all the towns of Fairfield County to see any pattern, right now next to nothing is moving.
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