Profits and Balance Sheet Developments at U.S. Commercial Banks in 2007
Figure 10. Change in prices of existing single-family homes, 1988-2007. Data plotted as curves. The S&P/Case-Shiller 10-city index begins in 1988 with a value of about 11 percent, where it remains until mid-1989, when it begins to drop sharply until it hits a low of negative 5 percent in mid-1990. The series then climbs steadily to about 14.5 percent in 2001, then drops to about 8 percent in early 2002, rising again to about 15 in 2003 and peaking in 2004 at about 20 percent, with a small dip in between. The series drops sharply from 2004 to 2007, with a final value of negative 8 percent in 2007:Q1. The repeat-transactions index begins in 1988 with a value of about 5.5 percent, dropping at the end of 1990 to about 1 percent, then rising, on balance, to a peak of about 9.8 percent in 2005 and falling, on balance, to about negative 0.3 percent in 2007:Q4.
Note: The data are quarterly and extend through 2007:Q4; changes are from one year earlier. For the years preceding 1991, the repeat-transactions index includes appraisals associated with mortgage refinancings; beginning in 1991, it includes purchase transactions only. The S&P/Case-Shiller index reflects all arm's-length sales transactions in the metropolitan areas of Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York, San Diego, San Francisco, and Washington, D.C.
Source: For repeat transactions, Office of Federal Housing Enterprise Oversight; for S&P/Case-Shiller, Chicago Mercantile Exchange.