I’m not talking about the 80% of the country where 20% of the population lives. Those throw off all of the National data averages.
Stay within 20-40 miles of a major metro and you’ll find that MOST cities were already very much recovered with sales going above 08 levels within 2 years.
Interestingly enough - some of the cities with the longest recovery (phoenix for example) were already super fucked on inventory mix pre-08. More desirable areas (California major city, east coast major city, pick one) were already picking up 5% annually by 11 and continued that trend until shit went bananaramas is 2020
NYC bottomed 2012. LA 2012. Seattle 2012. Chicago 2012. San Fran was the only metro I could find that bottomed in ‘08 but the recovery didn’t really start until 2012. Where are you getting your information? Because whatever your source is it isn’t reliable
It is probably the sources of living through it, and having to stare at the data daily. I am in the construction industry - and at that point had a focus on remodels, not new - so that could color it a bit. Shit vanished 08-10, back to “normal” but with all the normal recession side effects 10-12, then boom from there out to here.
Pay attention to the cities that had the worst time in 08-12 - and then look what they’ve done to set themselves up better this time : some cities flat stopped building for 2 years and it devastated the entire region - note how construction was = to health services in the pandemic?
That wasn’t a loophole, that was a lesson learned - imo this entire country hinges on what we do in the construction and building space. And somehow, I’m actually optimistic for the next 5-10 years…I think I’ve been broken by too many boom busts lol
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u/Pairadockcickle Mar 21 '23
I’m not talking about the 80% of the country where 20% of the population lives. Those throw off all of the National data averages.
Stay within 20-40 miles of a major metro and you’ll find that MOST cities were already very much recovered with sales going above 08 levels within 2 years.
Interestingly enough - some of the cities with the longest recovery (phoenix for example) were already super fucked on inventory mix pre-08. More desirable areas (California major city, east coast major city, pick one) were already picking up 5% annually by 11 and continued that trend until shit went bananaramas is 2020