Housing crisis hitting a little closer to home

 
By Richard Mize | Published: December 20, 2008    Comment on this article Leave a comment

Uh oh. It looks as though Oklahoma City housing did get a little airy after all.

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One, both the average and median price of homes sold in the metro area fell significantly in November. The average dropped 12 percent to $136,198 and the median dropped 10.4 percent to $116,000, compared with October.

Sales were off 27 percent from October, which is one thing, since sales always slow heading into winter, but they were off 30 percent compared with November 2007 — and that was a big, bad surprise for everybody, since we’d skirted the housing crisis in this country for so long.

We’re still skirting the worst of the housing crisis.

Home prices dropped hard last month, which only matters if you’re buying or selling. My house not being on the market, I’m not losing much sleep over it. Much of the rest of the country has been dealing with plummeting prices — freefalling values — for a long time.

Two, one way to tell a "bubble,” at least a little one, was over our market is by looking at that second syllable — "ble,” pronounced "bull” — and noticing how bull is conspicuously absent from the marketplace now.

Bragging about Oklahoma City being "recession proof” is so last month, especially with oil prices, gulp, skidding to the mid-$30s.

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