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    the federal reserve legislates from the bank..., 2008-10-28 02:07:11 | Main | haz nobel?..., 2008-10-28 19:06:26

    you know that farting sound kids make when they deflate a balloon?:

    CEPR has just released an Updated Analysis of Rents and the Price of Housing in 100 Metropolitan Areas. It's probably of only limited interest unless you know somebody who's shopping, but, like:

    Despite the collapsing housing bubble and consequent fall in house prices in bubble markets, the prospects for accumulating equity still look grim for homeowners as prices are still far from reaching their historical norm. The relative merits of owning and renting will be affected by the extent to which homeowners can accumulate equity. Even with the general increase in house prices at the same rate as the overall rate of inflation, homebuyers are at risk of facing plunging home values in bubble inflated markets.

    ...

    [T]he primary policy conclusion is that policy makers must be extremely cautious in intervening in housing markets, particularly either purchasing or encouraging others to purchase homes with the goal of increasing equity in the short term. Local historical price-to-rent ratios are an excellent standard for timing and planning such interventions

    Etc.


:: posted by buermann @ 2008-10-28 13:00:51 CST | link





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