If you bought a home in the Cleveland metropolitan area, do
you have a profit or a loss? If you
bought before May 2002 then you probably have a profit. The average buyer who purchased a house
after that month has a loss.
This conclusion is based on inspection of the S&P/Case
Shiller Home Price Indices released on July 29, 2008, reflecting data through
May. This conclusion reflects the
average home, and there’s substantial variation around the mean.
The average experience in the 20 largest metropolitan areas
is that July 2004 marks the dividing line between profit and loss.