Below is the chart I referenced today on KCUR’s “Central Standard” program. The data comes from the Federal Housing Finance Agency. The chart shows how the housing values in these 6 metros all increased at relatively the same rate until about 2003. Then the housing bubble began to grow, especially in hot growth markets like Las Vegas and Miami and, to a lesser extent in Denver and Minneapolis-St. Paul. Kansas City, however maintained a stable rate of growth until the housing bubble burst in late 2007. During the recession in 2008 and early 2009 housing prices fell precipitously in those markets that saw huge increases in values just a few years earlier. In Kansas City, we did not experience the large increase, so consequently we did not experience a great home value collapse.
To close on a positive not, across all of these metros, it appears that the worst may be over. All are showing signs over the past few quarters that their home prices are stabilizing.
To close on a positive not, across all of these metros, it appears that the worst may be over. All are showing signs over the past few quarters that their home prices are stabilizing.
