The Great Housing Reset

Inquiring minds have just seen two charts that tell a very interesting story. And may show what is in store for The (Formerly) Golden State as housing resets across the country. The U.S. housing market has on track to lose another $1.7 trillion in value this year (2010) and lost $1 Trillion last year (2009). This means that the agregate loss in value since the peak of the real estate market is $9 Trillion.

To graphically see what this “total value change” looks like for the major markets:

But this only tells part of the story. To see the percentages, which shows a little more apples-to-apples comparison:

After viewing these graphs and knowing what is going on in California with high unemployment and the financial crisis of the state…does anyone seriously believe that California real estate is headed for a big fall?


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