Wednesday, December 24, 2008
The IE is now 50% off peak
The latest report from the California Association of Realtors has the IE median price at $202,740. That is down 41 percent from last years $344,930 median price. But the IE peak median was $416,000 in Jan 07. That puts us 51.3% off peak prices.
Back around that (early 07) time the research outfit Global Insight reported that the IE was 65% overvalued. According to that math the median should have been $145k, so we still have some room left to fall. The Fortune report says another 27% over the next tow years. And the official X-report (that's the report I generate using reams of data, a few drams of whisky and my Magic 8-ball) predicts another 20-25% from the current price. Those all put us around the same place. $150k median give or take a few k.