Eye of the Chicken

First of all, here's a little nostalgia for you former East Lansing residents (which, oddly enough, is nearly all of you . . . and if you haven't lived there, you've probably been there):

Yup, that's right. The snow melted and now the river is flooding.

And two economic news tidbits from today. First, Paul Krugman in the New York Times, brought to me (and you) by my friend Ann:

The Conscience of a Liberal
Paul Krugnman

Ownership society watch

The new Survey of Consumer Finances shows an increase in family net worth between 2004 and 2007 - but estimates, based on stock and housing prices, that all of that gain and more has been wiped out since then. Adjusted for inflation, families are poorer now than they were in 2001.

It's worth pointing out that with this release, yet another pillar of the what-me-worry school of economics has fallen. You may remember that a few years ago there was a lot of talk about how only bubbleheads paid attention to our low, low savings rate, because the truth was that Americans were getting steadily wealthier thanks to rising asset values.

Not so much, it turns out.

Ha, ha, Paul. I said it yesterday. (Maybe he reads this blog??)

And the second bit, from the Ann Arbor News:

Washtenaw County home sales rise, but average sale price plummets
by Stefanie Murray | The Ann Arbor News
Thursday February 12, 2009, 5:13 PM

Sales prices of homes in Washtenaw and Livingston counties continued to plummet in January - a decline that real estate agents say is being driven largely by foreclosures, short sales and few sales of higher-priced luxury homes.

The average sale price of a home in Washtenaw County fell to $153,486 in January from $224,831 a year ago, the Ann Arbor Area Board of Realtors reported Thursday.

The median sale price of a home in Livingston County was $135,000, down from $177,900 a year ago, according to multiple listing service Realcomp.
-- snip --

Maybe in ten years I'll think that selling that Ann Arbor house was a mistake, but at the moment, it sure feels again like we dodged a bullet . . .

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2009-02-13 11:23 PM Waters rising, houses falling Previous Entry :: Next Entry Read/Post Comments (0) Share on Facebook	First of all, here's a little nostalgia for you former East Lansing residents (which, oddly enough, is nearly all of you . . . and if you haven't lived there, you've probably been there): Yup, that's right. The snow melted and now the river is flooding. And two economic news tidbits from today. First, Paul Krugman in the New York Times, brought to me (and you) by my friend Ann: The Conscience of a Liberal Paul Krugnman Ownership society watch The new Survey of Consumer Finances shows an increase in family net worth between 2004 and 2007 - but estimates, based on stock and housing prices, that all of that gain and more has been wiped out since then. Adjusted for inflation, families are poorer now than they were in 2001. It's worth pointing out that with this release, yet another pillar of the what-me-worry school of economics has fallen. You may remember that a few years ago there was a lot of talk about how only bubbleheads paid attention to our low, low savings rate, because the truth was that Americans were getting steadily wealthier thanks to rising asset values. Not so much, it turns out. Ha, ha, Paul. I said it yesterday. (Maybe he reads this blog??) And the second bit, from the Ann Arbor News: Washtenaw County home sales rise, but average sale price plummets by Stefanie Murray \| The Ann Arbor News Thursday February 12, 2009, 5:13 PM Sales prices of homes in Washtenaw and Livingston counties continued to plummet in January - a decline that real estate agents say is being driven largely by foreclosures, short sales and few sales of higher-priced luxury homes. The average sale price of a home in Washtenaw County fell to $153,486 in January from $224,831 a year ago, the Ann Arbor Area Board of Realtors reported Thursday. The median sale price of a home in Livingston County was $135,000, down from $177,900 a year ago, according to multiple listing service Realcomp. -- snip -- Maybe in ten years I'll think that selling that Ann Arbor house was a mistake, but at the moment, it sure feels again like we dodged a bullet . . . Read/Post Comments (0) Previous Entry :: Next Entry Back to Top
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