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A friend sent this to me today.
Home Prices Do Fall
A Look At The Collapse Of The 1980's Real Estate Bubble
Through The Eyes Of The New York Times
http://njrereport.com/80sbubble.htm
Apparently there was a graph of NJ Median Home Price during the period, but the image link is broken.
Home Prices Do Fall
A Look At The Collapse Of The 1980's Real Estate Bubble
Through The Eyes Of The New York Times
http://njrereport.com/80sbubble.htm
Apparently there was a graph of NJ Median Home Price during the period, but the image link is broken.
"Home prices never go down" is a quote often heard spoken by real estate agents. It isn't true. Real estate bubbles do exist and they do burst. The after effects of a real estate bubble burst are felt for years afterwards.
Thanks to the online search capability of the New York Times, I was able to compile a list of articles that appeared in the New York Times during the real estate bubble from 1981 to 1988 and then from the resultant crash, from 1989 onwards.
All the readers that have seen the preliminary compilation gave the same remark, "It's like deja-vu."
Indeed, it is. We've quickly forgotten the 80's bubble that swept over the Northeast, in particular the New York Metropolitan area. We've convinced ourselves that "this time is different." Unfortunately, all we've proven is that we lack the ability to learn from history and our mistakes.