Reply to Moco - no appreciation in the last 10 years

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]As a homeowner in Bethesda, i was looking through the data and was shocked at the fact that RE prices in this area  are basically flat since 2008-2009 and even lower than the peak in 2005-2006. It looks like it’s not even keeping up with inflation. Meanwhile prices in Arlington and Fairfax have gone up by 40-50% over the same period. We are moderately well off but not  rich by any means but this adds up to hundreds of thousands of dollars of home equity. I never expected the gap to be so large. We love our neighborhood and our commute to DC is pleasant but I can’t help but being slightly jealous. [/quote]

There has been appreciation in the last five to six years because prices dropped from the peak.  [b]What you’re complaining about is that prices haven’t exceeded the bubble prices.  [/b]That would not be a particularly good thing if they did.[/quote]

We are way past bubble prices in NOVA, and there's no sign of letting up.  I am surprised to hear that prices are flat in Bethesda.  That doesn't seem true to me.    [/quote]

Which means you’ll have another massive crash when the next recession hits.  [b]NOVA was devastated in the last one[/b].[/quote]

NOVA was most certainly not devastated in the last housing crash (at least no more so than any other area in the close-in DMV.  And it recovered rapidly.  You have no idea what you're talking about.   [/quote]

NOVA is pretty big. Manassas was down huge. Arlington not so much. Where do you fall?

I bought in 2009 in NOVA and prices were 40% below peak. [/quote][/quote]

I refer you to this document, look at the chart at the bottom of the last page.  Almost all of Fairfax was down around 40% and PWC/Manassas as you mention was down something like 60-70%.

http://cra.gmu.edu/pdfs/studies_reports_presentations/The_Northern_Virginia_Housing_Market_Like_No_Other.pdf

Arlington stagnated and was dropping about 1% a year so maybe you think Arlington is “NoVa”?  I watched the statistics monthly and yes NOVA was down big.[/quote]

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