Austin home prices are up from 2007 (short sales, foreclosures, condos)

[jobert]

What to make of this:

Report: Austin home prices up from '07 | Austin Business Journal

Does this ring true to everyone, or is it a product of the sinister Austin marketing department?

[centralaustinite]

Definitely not true in my central Austin neighborhood, prices are down, closer to 2003 than 2007! Of course, we face competition from the condos downtown.

There are lies, damn lies, and statistics. I'm guessing that there are numerous assumptions and distortions in how they constructed and used the stats. Austin is and has ever been a collection of micro-markets, the overall numbers are not very useful.

[woodinvilleguy]

I think it means everything is better now. feel free to forget all the bad loans and jobless people out there.

[Trainwreck20]

The houses in our neighborhood appear to be up slightly from last year, at least based on my looking through the sales data in preparation for any appraisal dispute. Turns out it wasn't necessary, I think they are very close to the actual market value atm, but the prices on sales were up from when I did the analysis last year, although only 3 or so percent.

Edit: okay, so I just read the article, they are comparing 2Q 2007 to 2Q 2010, fwiw. They also appear to aggregate the entire market, however that is defined for this article. Then they say the value is down from 2009 to 2010.

[herveleger]

the price of houses are rising in nearly every country, I think it's a bad sign for our economic development.

[hilsmom]

it is going to be impossible for our market to recover until the foreclosures, short sales and underwater mortgages clear the market. A quarter of US homes are underwater. Seriously, we are in a big mess that is going to take quite a while to right itself.

[achtungpv]

Next year will be the year home owners get religion. The vast majority of ARM loans reset next year while pretty much all of them are deep underwater.