2 Comments on On Bloomberg TV discussing home prices
picking LA as an example, do people ever look at the fact prices today > prices 2 years ago, which rose about 33% in the prior 2 years?
are we as a nation becoming so mobile that only looking back to 2006, as the Bloomberg graphic you supplied shows, is the relevant statistic?
Just 3 years ago, in RTP at least which is fairly mobile, we talked about a 5-7 year horizon.
@ Bo -- you're 100% right, that it's important to look at real estate as a longer term investment. For all 165 cities which Zillow produces housing data on, we show the Zillow Home Value Index (aka "Zindex") dating back to 1999. So for example, here is the Los Angeles data. As you can see, LA is back to 2004 levels. This compares with other cities like Detroit which are back to 1999 levels.
Spencer Rascoff
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picking LA as an example, do people ever look at the fact prices today > prices 2 years ago, which rose about 33% in the prior 2 years? are we as a nation becoming so mobile that only looking back to 2006, as the Bloomberg graphic you supplied shows, is the relevant statistic? Just 3 years ago, in RTP at least which is fairly mobile, we talked about a 5-7 year horizon.