Perry said, â€œSince the great depression, recessionary positions have only shown up in localized markets.â€
What exactly is a recessionary position?
Perry said, â€œFor the 50 markets that are going down, there are 50 markets that go up. Austin prices are up 7%.â€œ
Very optimistic, Perry. Sadly, the facts play a different tune. Hereâ€™s a quote regarding the latest Case-Shiller Index and itâ€™s tracking of the 20 cities included in the index.
January Case-Shiller from Marketwatch: â€œOf the 20 cities, only Charlotte, N.C., has managed any gains in the past year, rising a meager 1.8%. For the fifth straight month, all 20 cities recorded lower prices compared with the previous month.
Home prices in 10 of the 20 cities have fallen at double-digit rates in the past year.â€
Please provide a link to your data regarding Austin being up 7%.
Pretty said, â€œSO... A more precise question is.. what markets are showing prices that going down and what markets are going up?â€
OK, hereâ€™s the answer to your question. Going down: all markets. Going up: none, at least in REAL terms (appreciation minus inflation.)