{"id":10,"date":"2005-11-16T07:31:00","date_gmt":"2005-11-16T14:31:00","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=10"},"modified":"2005-11-16T07:31:00","modified_gmt":"2005-11-16T14:31:00","slug":"a-cloud-for-every-silver-lining","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10\/a-cloud-for-every-silver-lining\/","title":{"rendered":"A cloud for every silver lining…"},"content":{"rendered":"

The story<\/a> is headlined “Valley’s home market No. 1.” The news is that median home prices in the Phoenix area are up 55.2% from the third quarter of 2004 to the third quarter of 2005. But, of course, the article immediately veers into doom and gloom, so it’s important to put all that despair into perspective:<\/p>\n

Other housing markets that led the nation for home price increases in the past few years already have started to deflate. Las Vegas and San Diego both saw home price increases of only 10 percent in the past year.<\/p><\/blockquote>\n

That is to say, an owner of a $300,000 home in Las Vegas reaped only $30,000 in effort-free appreciation income over the last four quarters. The shame of it all!<\/p>\n

(There’s a little bit of inside-baseball in the middle of all this. My expectation is that the numbers used in this article, provided by the National Association of Realtors, are based on MLS data. The numbers the Republic<\/i> normally cites, provided by Dr. Jay Butler at ASU, are based on all recorded transactions. Both are medians, useless for understanding what’s going on with a particular floor-plan in a particular neighborhood. But the MLS figures will likely be higher, all things taken together, than the County Recorder’s numbers, for the simple reason that many unrepresented transactions go for far less than the fair market value of the property. I would love to have direct access to all the raw data, but the NAR’s approach is closer to what the average buyer or seller is going to encounter in real life. A better approach altogether would be a ‘market-basket’ of homes, like the Consumer Price Index, representing very common sorts of transactions.)<\/p>\n

Read the whole article. It’s interesting. But remember that we’re spoiled. Ten percent appreciation is not low, it’s very high. And 6.36% interest for a 30-year fixed interest amortizing mortgage is not high, it’s very low.<\/p>\n","protected":false},"excerpt":{"rendered":"

The story is headlined “Valley’s home market No. 1.” The news is that median home prices in the Phoenix area are up 55.2% from the third quarter of 2004 to the third quarter of 2005. But, of course, the article immediately veers into doom and gloom, so it’s important to put all that despair into […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-10","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-general","8":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":16370,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/16370\/seven-years-of-the-dawgs-reflections-on-bloodhoundblogs-anniversary\/","url_meta":{"origin":10,"position":0},"title":"Seven years of the dawgs: Reflections on BloodhoundBlog’s anniversary.","author":"Greg Swann","date":"June 29, 2013","format":false,"excerpt":"We started here, and still the question rings in my ear:If almost-as-good is free or nearly free, what is the market value of slightly-better?Big changes in the world since then. Brick \u2019n' mortar retail is all but dead. Books, records and software 'apps' are aiming for a price point under\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":62,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/62\/at-last-the-truth\/","url_meta":{"origin":10,"position":1},"title":"At last, the truth…","author":"Odysseus","date":"April 3, 2006","format":false,"excerpt":"A nice interview in this morning's Republic with Doug Fulton of Fulton Homes. Fulton scouts out and shoots down The Mole:Question: How do you see the market now? Answer: This is just a small correction that needed to happen. The velocity (of sales), the appreciation of the homes, was not\u2026","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/general\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1325,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1325\/whats-the-hottest-game-in-vegas-strip-monopoly\/","url_meta":{"origin":10,"position":2},"title":"What’s the hottest game in Vegas? Strip Monopoly!","author":"Greg Swann","date":"April 20, 2007","format":false,"excerpt":"Oh, keep your shirt on... Strip Monopoly refers to that famed Parker Brothers board game (now owned by the soulless Hasbro, alas) as played with the real-life real estate on Las Vegas Boulevard -- a\/k\/a \"The Strip.\" Earlier this week, Kirk Kerkorian's MGM Mirage acquired 33.4 acres of Strip-front real\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14725,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/14725\/its-the-first-day-of-july-and-the-first-day-of-the-third-quarter-do-you-know-where-your-goals-are\/","url_meta":{"origin":10,"position":3},"title":"It’s the first day of July and the first day of the third quarter. Do you know where your goals are?","author":"Greg Swann","date":"July 1, 2011","format":false,"excerpt":"Track 'em.","rel":"","context":"In "Egoism in Action"","block_context":{"text":"Egoism in Action","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/egoism-in-action\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9498,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/9498\/am-i-being-paranoid-about-what-the-nar-is-calling-the-recovery\/","url_meta":{"origin":10,"position":4},"title":"Am I being Paranoid about what the NAR is calling the “Recovery?”","author":"Al Lorenz","date":"August 12, 2009","format":false,"excerpt":"Our helpful friends at the NAR have apparently sent out press releases about the increase in home sales in the second quarter being a sign of a \"recovery.\" I saw this on MSN today (yes, I look at MSN): WASHINGTON - U.S. home sales grew in the second quarter in\u2026","rel":"","context":"In "Dirty Laundry"","block_context":{"text":"Dirty Laundry","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/dirty-laundry\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2708,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2708\/the-beat-goes-onand-the-beat-goes-on\/","url_meta":{"origin":10,"position":5},"title":"The Beat Goes On…and The Beat Goes On","author":"Brian Brady","date":"March 6, 2008","format":false,"excerpt":"The Fed reported that home equity is at its lowest since World War Two: Homeowners' portion of equity slipped to downwardly revised 49.6 percent in the second quarter of 2007, the central bank reported in its quarterly U.S. Flow of Funds Accounts, and declined further to 47.9 percent in the\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/10","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=10"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/10\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=10"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=10"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=10"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}