Washington DC housing bust - again
Looking at the latest it鈥檚 safe to say that Washington DC home prices will very soon break below the most recent low set in March of 2009.
Ironically, the trends in the Washington DC market probably best represent the dynamics instigated by the government鈥檚 tax-gimmicks, quantitative easing measures, foreclosure mitigation and mortgage sponsorship.
Yet, even with all the market meddling, prices are clearly headed back for a strike at the low dropping 9.87% on a year-over-year bases and a whopping 38% since the peak in 2006.
How many unwitting buyers were duped into locking in a 鈥渉ousing bottom鈥� home purchase only to now find that the government鈥檚 incentives were dangled out over an abyss of deflation?
Make no mistake, this is a major event as the Washington DC area is one of the country鈥檚 most affluent metro housing markets and was not overwrought with overbuilding.
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