According to the Case/Shiller numbers, the average sale price was down 3.5% across 20 large US cities through June. But that was before the summer. And according to the homebuilders, it was in August that things really started to go bad.
Same people. Same place. Same subject. But when neighbours get together in the autumn of 2007, the conversation is likely to have an entirely opposite effect. Today, as in 2005, a group gathered for drinks is likely to be astonished at how much the house down the street sold for. Two years ago, the news was received with cool pleasure… It was as if a troublesome mistress had suddenly announced that she was moving to another town; the homeowner was delighted, but he didn’t want to be too obvious about it.
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