Graph of the Day for March 10, 2010

Randall Hoven
"I guess I don't buy your premise.  It's a pretty unlikely possibility.  We've never had a decline in house prices on a nationwide basis.  So what I think is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit.  I don't think it's going to drive the economy too far from its full-employment path, though."  Ben Bernanke, July 2005, in response to a question on a possible housing bubble.

"In short, we are asked to worry about something that has never happened for reasons still to be coherently explained.  ‘Housing bubble' worrywarts have long been hopelessly confused. It would have been financially foolhardy to listen to them in 2002. It still is."  Alan Reynolds, 2005.

"No housing bubble on Las Vegas Horizon.  Despite numerous predictions of bubbles and woe, the Las Vegas housing market is prepared to pull of yet another record year."  Las Vegas Multiple Listing Service, 2005.


Housing Price Changes in Last Two Years


Source:  Federal Housing Finance Agency.


Hoven's Index for March 10, 2010


Housing price changes over five years ending December 2009 for various states:

Wyoming:  +26.69 (highest)

Texas:  +18.16

US average:  +1.66%

California:  -27.41%

Nevada:  -40.42% (lowest)

For various cities:

Wenatchee, WA:  +45.35%

Houston, TX:  +21.89%

Las Vegas, NV:  -39.73%

Merced, CA:  -45.59%


Source:  Federal Housing Finance Agency.


Graph of the Day Archive.
"I guess I don't buy your premise.  It's a pretty unlikely possibility.  We've never had a decline in house prices on a nationwide basis.  So what I think is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit.  I don't think it's going to drive the economy too far from its full-employment path, though."  Ben Bernanke, July 2005, in response to a question on a possible housing bubble.

"In short, we are asked to worry about something that has never happened for reasons still to be coherently explained.  ‘Housing bubble' worrywarts have long been hopelessly confused. It would have been financially foolhardy to listen to them in 2002. It still is."  Alan Reynolds, 2005.

"No housing bubble on Las Vegas Horizon.  Despite numerous predictions of bubbles and woe, the Las Vegas housing market is prepared to pull of yet another record year."  Las Vegas Multiple Listing Service, 2005.


Housing Price Changes in Last Two Years


Source:  Federal Housing Finance Agency.


Hoven's Index for March 10, 2010


Housing price changes over five years ending December 2009 for various states:

Wyoming:  +26.69 (highest)

Texas:  +18.16

US average:  +1.66%

California:  -27.41%

Nevada:  -40.42% (lowest)

For various cities:

Wenatchee, WA:  +45.35%

Houston, TX:  +21.89%

Las Vegas, NV:  -39.73%

Merced, CA:  -45.59%


Source:  Federal Housing Finance Agency.


Graph of the Day Archive.