As we’ve noted time and time again, the fact that average national housing prices appear to have recovered from the peak of the housing bubble masks the uneven nature of America’s economic recovery: While certain popular coastal markets have seen prices recover, much of the south and Midwest have struggled with stagnation or even home-price deflation.
Now, a new tabulation of home-price data by Harvard University’s Joint Center for Housing Studies provides a granular look at the unevenness of the recovery from county to county. A quick glance at the map reveals how home-prices – a worthy proxy for wealth inequality – have risen dramatically along the coasts, while
The data show that home prices increased by 40 percent or more in 153 metros (16 percent), including twelve metros where home prices doubled. And in nearly 300 markets, prices increased – but more modestly – by less than 20 percent. Meanwhile, real prices declined in about 280 metros. In another 200 markets, prices increased by 20-to-39 percent.
This post was published at Zero Hedge on Jul 9, 2017.
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