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Old 11-08-2007, 11:01 AM
 
60 posts, read 245,304 times
Reputation: 42

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Housing Woes - Fortune Magazine



Where housing is headed
Fortune’s exclusive calculations show that big declines are needed in markets around the country to bring home prices back to their historical relationship to rents.
Back to story


Home prices The P/R ratios The components «Click headings for details»
Here’s Fortune’s forecast for the value of an upscale home (one that sells for double the local median price) in five years.
House prices (thousands)
Metro area June 2007 Five-year projection
NATIONAL AVERAGE $436 $372
Orlando $522 $343
Miami $759 $514
East Bay, Calif. $1,562 $1,078
Tampa $444 $320
Baltimore $565 $408
Fort Lauderdale $731 $532
Palm Beach County, Fla. $760 $553
Las Vegas $611 $450
Sacramento $705 $521
Greater Washington, D.C. $856 $641
Los Angeles $1,107 $841
Jacksonville $393 $299
San Diego $1,211 $926
Long Island, N.Y. $947 $725
Phoenix $521 $399
Charlotte $406 $313
Norfolk $500 $387
Salt Lake City $464 $360
Richmond $462 $359
Orange County, Calif. $1,419 $1,104
Philadelphia $472 $370
Seattle $854 $687
Portland, Ore. $589 $476
North/Central N.J. $607 $512
Inland Empire, Calif. $791 $667
Milwaukee $445 $377
San Jose $1,669 $1,419
Raleigh $447 $381
New York $1,100 $950
San Antonio $302 $262
Atlanta $349 $305
Hartford $484 $433
San Francisco $1,732 $1,568
Honolulu $1,314 $1,204
Nashville $367 $342
Oklahoma City $256 $240
Denver $502 $474
Memphis $283 $269
Boston $834 $793
Austin $363 $347
Chicago $574 $550
Minneapolis $448 $434
St. Louis $304 $295
New Orleans $328 $321
Stamford, Conn. $988 $968
Pittsburgh $237 $232
Columbus $296 $295
Houston $304 $308
Dallas/Fort Worth $329 $334
Greater Kansas City $309 $314
Cincinnati $284 $301
Detroit $201 $215
Indianapolis $244 $262
Cleveland $249 $273
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Old 11-08-2007, 11:06 AM
 
Location: Piedmont, CA
34,798 posts, read 60,720,787 times
Reputation: 18463
This is odd because the upscale market is the one that is the least affected by all those bad ARM loans. At least that's the case in The Bay Area.

Quote:
East Bay, Calif. $1,562 $1,078

San Jose $1,669 $1,419

San Francisco $1,732 $1,568
I dont really buy these projections but we'll just have to wait and see.
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Old 11-08-2007, 11:22 AM
 
Location: Piedmont, CA
34,798 posts, read 60,720,787 times
Reputation: 18463
So here are the areas ranked by median upscale housing price, June 2007

San Francisco $1,732,000
San Jose $1,669,000
Oakland $1,562,000
Orange County $1,419,000
Honolulu $1,314,000
San Diego $1,211,000
Los Angeles $1,107,000
New York $1,100,000
Stamford $988,000
Long Island $947,000
Washington DC $856,000
Seattle $854,000
Boston $834,000
Riverside-San Bernardino $791,000
Palm Beach County $760,000
Miami $759,000
Ft Lauderdale $731,000
Sacramento $705,00
Northern New Jersey $607,000
Chicago $574,000
Las Vegas $611,000
Portland, OR $589,000
Baltimore $565,000
Orlando $522,000
Phoenix $521,000
Denver $502,000
Norfolk $500,000
Hartford $484,000
Philadelphia $472,000
Salt Lake City $464,000
Richmond $462,000
Minneapolis $448,000
Raleigh $447,000
Milwaukee $445,000
Tampa $444,000
Charlotte $406,000
Jacksonville $393,000
Nashville $367,000
Austin $363,000
Atlanta $349,000
Dallas/ Ft Worth $329,000
New Orleans $328,000
Kansas City $309,000
Houston $304,000
St Louis $304,000
San Antonio $302,000
Columbus $296,000
Cincinnati $284,000
Memphis $283,000
Oklahoma City $256,000
Cleveland $249,000
Indianapolis $244,000
Pittsburgh $237,000
Detroit $201,000
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Old 11-08-2007, 12:37 PM
 
552 posts, read 1,024,988 times
Reputation: 186
Quote:
Originally Posted by TerryTurtle27 View Post
Houston $304 $308
Dallas/Fort Worth $329 $334
Greater Kansas City $309 $314
Cincinnati $284 $301
Detroit $201 $215
Indianapolis $244 $262
Cleveland $249 $273
Why are the prices going up in these cities? This surprises me.
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