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on July 1, 2006 at 10:47:12 am
 

Welcome to the Real Estate Bubble Map wiki!

 

 

Like the interactive map above and a twin map of Past Housing Price Corrections, the goal of this experimental wiki is to protect homebuyers from overpaying in overvalued housing markets across the United States. Citizen journalists, particularly homebuyers turned embedded real estate reporters and buyer agents, are invited to add newspaper articles, favorite blog posts, and most importantly examples of falling prices to document what is really going on behind misleading housing statistics, like median sales prices, in housing markets nationwide (see partial list of cities in sidebar).

 

The wiki is meant to work with interactive maps, not replace them. Where possible, location-specific information (like homes selling for below assessed value, foreclosed properties, etc.) should be placed directly on an existing local map or a new map you create. Other information, like housing trends, price projections, monthly sales satistics, or quarterly research should be added to a general page or specific city on this wiki.

 

Why are we doing this? Because as U.S. News & World Report warned the Housing Bubble Correction Could Be Severe (6/13/06): "...there are now 71 metropolitan areas – representing nearly 40 percent of all single-family homes – classified as 'extremely overvalued.' By comparison, only 1 percent were classified as such in the first quarter of 2004." A study of price corrections in 66 cities over the past two decades revealed that home prices "...tend to decline 17 percent on average before markets heal themselves and the average duration of these adjustments is 3.5 years."

 

Thus far, we have created interactive maps for 40 of the 71 "extremely overvalued housing markets, and 40 of the past 66 price corrections. The wiki pages have been created for the 13 cities with a 50% or more chance of housing price declines in the next two years, and we invite you to create more pages and maps.

 

  • What else can be or is already being done to help inform and protect potential homebuyers?

 

  • What kind of information or resources would you like to see linked to your city?

 

  • If you are a bubble blogger, or know one you'd recommend in your local housing market, please add it to the appropriate city.

 

  • If you don't see your city listed, or want to add geographic subsections WITHIN a city, please list them on the city's main page.

 

 

Please submit your ideas to the Real Estate Bubble Map brainstorming page.


 

If you are new to wikis, take a few minutes now or later to visit these links to get an introduction to this powerful new tool for online collaboration:

 

 

 

 

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