Donate
Independent, objective, nonpartisan research

JTF HousingMarketJTF

Database

This is the content currently stored in the post and postmeta tables.

View live version

object(Timber\Post)#3742 (44) { ["ImageClass"]=> string(12) "Timber\Image" ["PostClass"]=> string(11) "Timber\Post" ["TermClass"]=> string(11) "Timber\Term" ["object_type"]=> string(4) "post" ["custom"]=> array(5) { ["_wp_attached_file"]=> string(24) "JTF_HousingMarketJTF.pdf" ["wpmf_size"]=> string(6) "140962" ["wpmf_filetype"]=> string(3) "pdf" ["wpmf_order"]=> string(1) "0" ["searchwp_content"]=> string(4665) "THE CALIFORNIA ECONOMY: CRISIS IN THE HOUSING MARKET MARCH 2008 ? ? IN 2007, CALIFORNIA HOME PRICES SUFFERED THE FASTEST AND STEEPEST DECLINE IN 25 YEARS. California1home1prices1fell16.6%1between1the1fourth1quarter1of120061and1the1fourth1quarter1of12007.111 (Just1two1years1ago,1home1prices1rose121%1in1California.)11Nationally,1home1prices1rose10.8%,1well1 ahead1of1California1but1the1slowest1national1growth1since11990.11 ? ? ? FORECLOSURES INCREASED, CONSTRUCTION PERMITS DECLINED. In12007,11.9%1of1California1homes1were1in1foreclosure,1nearly1twice1the1national1average1of11%.11And1 the1number1of1construction1permits1for1residential1units1declined135%,1relative1to120061?1falling149%1 from1their120041peak.1 ? ? ? 1 ir1 rside, ed1to130%1in1the1San1 Francisco1metro1area,130%1in1Orange1County,1and149%1in1Los1Angeles.1 ? ? 11 ow1the1California1 average1(1.9%):111.4%1in1Los1Angeles,11%1in1San1Jose,1and1just10.5%1in1San1Francisco.1 ? ? hing1 d1Riverside,San1Bernardino1?1where1home1prices1are1 olding1up1better1than1in1the1Central1Valley.1 1 HOME PRICES IN MANY CENTRAL VALLEY AREAS FELL MORE THAN 15%. Home1prices1barely1declined1in120071in1many1coastal1areas,1while1prices1tumbled1in1many1inland1 areas.11In1the1San1Francisco1metro1area,1prices1fell10.9%;1and1prices1in1Santa1Cruz,1San1Jose,1and1Los1 Angeles1fell1less1than14%.11But1in1the1northern1San1Joaquin1Valley1areas1of1Merced,1Modesto,1and1 Stockton,1prices1fell1more1than115%1,,1the1largest1one,year1decline1of1any1California1metro1area1in1at1 least1301years.11The120071declines1reversed1some1of1the1rapid1gains1in1home1prices1in1the1Central1 Valley1early1in1the1decade.11In1areas1where1prices1rose1more1slowly1in12001,20051?1San1Francisco,1 Santa1Cruz,1and1San1Jose1?1prices1fell1the1least1in12007.11 IN REGIONS WHERE PRICES FELL MOST, CONSTRUCTION NEARLY STOPPED ?. From120041to12007,1construction1permits1fell160%1in1Riverside,San1Bernardino,163%1in1Modesto,173% in1Stockton,1and176%1in1Merced.11Permits1in1San1Francisco1in120071were1down1only119%1from1the 20041peak,1and1in1San1Jose1they1were1down1just115%1from1their1peak1in12005.11Permits1fell1less1in1 crowded1coastal1areas1partly1because1there1is1less1room1for1new1construction1during1a1boom.11The1 largest1increases1in1construction1permits1from120011to120041were1in1inland1areas:11109%1in1Rive San1Bernardino,1114%1in1Merced,1and1214%1in1Imperial1County,1compar ? AND FORECLOSURES ROSE. Foreclosures,1too,1varied1widely1across1the1state.11In1Bakersfield,1Sacramento,1Riverside,San1Bernardino,1 and1Stockton1?1all1areas1where1house1prices1fell1at1least17%1?1the1foreclosure1rate1was1at1least13%1in12007. In1the1larger1urban1areas1where1prices1have1fallen1less,1foreclosure1rates1were1well1bel LOCAL ECONOMIC CONDITIONS AREN?T FOLLOWING LOCAL HOUSING CONDITIONS. While1California?s1previous1housing1crisis1(southern1California1in1the1early1and1mid,1990s)1was1part1 of1a1broader1economic1slowdown,1the1relationship1between1housing1and1economic1conditions1today1 is1less1clear,cut.11In12007,1employment1in1Merced1and1Stockton1grew1more1than12%,1despite1cras housing1prices,1whereas1employment1grew1only10.6%1in1California1overall1and1even1fell1in1Los1 Angeles,1Orange1County,1Ventura1County,1an h www.ppic.org Housing Prices -10 -5 0 5 10 15 20 25 30 California U.S. Housing price change (%), annual 1980 1985 1990 1995 2000 2005 2007 Construction Permits in California Construction permits, annual 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 198019851990199520002005 2007 www.ppic.org Housing Price Changes in Selected Metropolitan Areas, Annualized www.ppic.org -0.9 -1.4 -2.3 -3.2 Sources: (1)Office of Federal Housing Enterprise Oversight. (2)Census Bureau. Contact : Jed Kolko -3.3 -4.3 -4.5 -5.9 -6.1 -6.7 -7.1 -7.2 -7.2 -7.2 -7.2 -7.8 -8.0 -8.6 -10.2 -11.0 -11.0 -11.9 -12.9 -15.3 -15.5 -19.0 -25 -20 -15 -10-5 0 5 10 15 20 25 San Francisco Santa Cruz San Jose Los Angeles San Luis Obispo Chico Redding Napa Orange County Visalia Riverside-San Bernardino Oakland Santa Rosa Madera San Diego Ventura County Bakersfield Fresno 2007 2006 2001-2005 Y uba City Vallejo Sacramento Santa Barbara Salinas Stockton Modesto Merced % change" } ["___content":protected]=> string(126) "

JTF HousingMarketJTF

" ["_permalink":protected]=> string(106) "https://www.ppic.org/publication/the-california-economy-crisis-in-the-housing-market/jtf_housingmarketjtf/" ["_next":protected]=> array(0) { } ["_prev":protected]=> array(0) { } ["_css_class":protected]=> NULL ["id"]=> int(8641) ["ID"]=> int(8641) ["post_author"]=> string(1) "1" ["post_content"]=> string(0) "" ["post_date"]=> string(19) "2017-05-20 02:39:26" ["post_excerpt"]=> string(0) "" ["post_parent"]=> int(3902) ["post_status"]=> string(7) "inherit" ["post_title"]=> string(20) "JTF HousingMarketJTF" ["post_type"]=> string(10) "attachment" ["slug"]=> string(20) "jtf_housingmarketjtf" ["__type":protected]=> NULL ["_wp_attached_file"]=> string(24) "JTF_HousingMarketJTF.pdf" ["wpmf_size"]=> string(6) "140962" ["wpmf_filetype"]=> string(3) "pdf" ["wpmf_order"]=> string(1) "0" ["searchwp_content"]=> string(4665) "THE CALIFORNIA ECONOMY: CRISIS IN THE HOUSING MARKET MARCH 2008 ? ? IN 2007, CALIFORNIA HOME PRICES SUFFERED THE FASTEST AND STEEPEST DECLINE IN 25 YEARS. California1home1prices1fell16.6%1between1the1fourth1quarter1of120061and1the1fourth1quarter1of12007.111 (Just1two1years1ago,1home1prices1rose121%1in1California.)11Nationally,1home1prices1rose10.8%,1well1 ahead1of1California1but1the1slowest1national1growth1since11990.11 ? ? ? FORECLOSURES INCREASED, CONSTRUCTION PERMITS DECLINED. In12007,11.9%1of1California1homes1were1in1foreclosure,1nearly1twice1the1national1average1of11%.11And1 the1number1of1construction1permits1for1residential1units1declined135%,1relative1to120061?1falling149%1 from1their120041peak.1 ? ? ? 1 ir1 rside, ed1to130%1in1the1San1 Francisco1metro1area,130%1in1Orange1County,1and149%1in1Los1Angeles.1 ? ? 11 ow1the1California1 average1(1.9%):111.4%1in1Los1Angeles,11%1in1San1Jose,1and1just10.5%1in1San1Francisco.1 ? ? hing1 d1Riverside,San1Bernardino1?1where1home1prices1are1 olding1up1better1than1in1the1Central1Valley.1 1 HOME PRICES IN MANY CENTRAL VALLEY AREAS FELL MORE THAN 15%. Home1prices1barely1declined1in120071in1many1coastal1areas,1while1prices1tumbled1in1many1inland1 areas.11In1the1San1Francisco1metro1area,1prices1fell10.9%;1and1prices1in1Santa1Cruz,1San1Jose,1and1Los1 Angeles1fell1less1than14%.11But1in1the1northern1San1Joaquin1Valley1areas1of1Merced,1Modesto,1and1 Stockton,1prices1fell1more1than115%1,,1the1largest1one,year1decline1of1any1California1metro1area1in1at1 least1301years.11The120071declines1reversed1some1of1the1rapid1gains1in1home1prices1in1the1Central1 Valley1early1in1the1decade.11In1areas1where1prices1rose1more1slowly1in12001,20051?1San1Francisco,1 Santa1Cruz,1and1San1Jose1?1prices1fell1the1least1in12007.11 IN REGIONS WHERE PRICES FELL MOST, CONSTRUCTION NEARLY STOPPED ?. From120041to12007,1construction1permits1fell160%1in1Riverside,San1Bernardino,163%1in1Modesto,173% in1Stockton,1and176%1in1Merced.11Permits1in1San1Francisco1in120071were1down1only119%1from1the 20041peak,1and1in1San1Jose1they1were1down1just115%1from1their1peak1in12005.11Permits1fell1less1in1 crowded1coastal1areas1partly1because1there1is1less1room1for1new1construction1during1a1boom.11The1 largest1increases1in1construction1permits1from120011to120041were1in1inland1areas:11109%1in1Rive San1Bernardino,1114%1in1Merced,1and1214%1in1Imperial1County,1compar ? AND FORECLOSURES ROSE. Foreclosures,1too,1varied1widely1across1the1state.11In1Bakersfield,1Sacramento,1Riverside,San1Bernardino,1 and1Stockton1?1all1areas1where1house1prices1fell1at1least17%1?1the1foreclosure1rate1was1at1least13%1in12007. In1the1larger1urban1areas1where1prices1have1fallen1less,1foreclosure1rates1were1well1bel LOCAL ECONOMIC CONDITIONS AREN?T FOLLOWING LOCAL HOUSING CONDITIONS. While1California?s1previous1housing1crisis1(southern1California1in1the1early1and1mid,1990s)1was1part1 of1a1broader1economic1slowdown,1the1relationship1between1housing1and1economic1conditions1today1 is1less1clear,cut.11In12007,1employment1in1Merced1and1Stockton1grew1more1than12%,1despite1cras housing1prices,1whereas1employment1grew1only10.6%1in1California1overall1and1even1fell1in1Los1 Angeles,1Orange1County,1Ventura1County,1an h www.ppic.org Housing Prices -10 -5 0 5 10 15 20 25 30 California U.S. Housing price change (%), annual 1980 1985 1990 1995 2000 2005 2007 Construction Permits in California Construction permits, annual 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 198019851990199520002005 2007 www.ppic.org Housing Price Changes in Selected Metropolitan Areas, Annualized www.ppic.org -0.9 -1.4 -2.3 -3.2 Sources: (1)Office of Federal Housing Enterprise Oversight. (2)Census Bureau. Contact : Jed Kolko -3.3 -4.3 -4.5 -5.9 -6.1 -6.7 -7.1 -7.2 -7.2 -7.2 -7.2 -7.8 -8.0 -8.6 -10.2 -11.0 -11.0 -11.9 -12.9 -15.3 -15.5 -19.0 -25 -20 -15 -10-5 0 5 10 15 20 25 San Francisco Santa Cruz San Jose Los Angeles San Luis Obispo Chico Redding Napa Orange County Visalia Riverside-San Bernardino Oakland Santa Rosa Madera San Diego Ventura County Bakersfield Fresno 2007 2006 2001-2005 Y uba City Vallejo Sacramento Santa Barbara Salinas Stockton Modesto Merced % change" ["post_date_gmt"]=> string(19) "2017-05-20 09:39:26" ["comment_status"]=> string(4) "open" ["ping_status"]=> string(6) "closed" ["post_password"]=> string(0) "" ["post_name"]=> string(20) "jtf_housingmarketjtf" ["to_ping"]=> string(0) "" ["pinged"]=> string(0) "" ["post_modified"]=> string(19) "2017-05-20 02:39:26" ["post_modified_gmt"]=> string(19) "2017-05-20 09:39:26" ["post_content_filtered"]=> string(0) "" ["guid"]=> string(62) "http://148.62.4.17/wp-content/uploads/JTF_HousingMarketJTF.pdf" ["menu_order"]=> int(0) ["post_mime_type"]=> string(15) "application/pdf" ["comment_count"]=> string(1) "0" ["filter"]=> string(3) "raw" ["status"]=> string(7) "inherit" ["attachment_authors"]=> bool(false) }