Half of All US Homes Are More Valuable than Pre-Recession Peak

Half of All US Homes Are More Valuable than Pre-Recession Peak.

A decade after the U.S. housing market collapsed, half of the country's homes have regained the value they lost during the recession, according to the June Zillow Real Estate Market Report.

Nationally, the median home value is $217,300, up 8.3 percent over the past year and 8.4 percent above the highest point of the housing bubble. The median home value has surpassed its bubble peak level in 21 of the nation's 35 largest housing markets.

In places that have seen some of the strongest growth since the market crashed, nearly every home is now more valuable than it was during the boom years. However it is not the same everywhere in the Country, and this article implies that there are still about 1/2 of the homes which have not caught up yet with the pre-recession levels.  

Which in my mind is a good reminder that a financial crisis leaves long-lasting scars, and that prudence should be the norm when it comes to financial markets.

Thank you for reading, and let me know when you have a real estate question or need.
Francis

Home Valuation tool
Detailed, local trends etc...
Current mortgage rates   (slight recent uptick)
A worthy local non-profit to remember: Community Services Agency in Mountain View.

California Home Price Fundamentals

California Home Price Fundamentals.

Check out this interactive map of the “Home Price Fundamentals” for California, and individual Counties.

The interactive tool is provided by the California Association of Realtors (CAR)

Some of these graphs are most interesting, like the one called “Years of Savings Required for Down payment”, which is now close to 20.  The one called “Price to Income Ratio” shows that it takes about 8.3 years of paychecks to purchase the median priced home in California right now.

 

If you look at the County of Santa Clara though, the figures are staggering: it takes over 11 years of salary to afford the median priced home, and it takes over 26 years of savings (at 6% of savings rate) to afford the typical 20% down payment.

It also shows that in California, if you are in the median, it takes about 59% of the yearly income to pay for your mortgage...

Thank you for reading,

Francis

Home Valuation tool
Detailed, local trends etc...
Current mortgage rates   (slight recent uptick)
A worthy local non-profit to remember: Community Services Agency in Mountain View.