Housing Prices Now Back to Bubble Peak

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The Wall Street Journal points out today that housing prices are now as high as they were at the peak of the bubble years:

But that’s OK. It’s been over a decade now and incomes have gone up enough to compensate. We can afford housing at 2006 prices, right? Um…

Well, incomes are a little higher, but not by a lot. On the bright side, at least we have an incoming president who—

Aw crap. We’re so screwed.

UPDATE: As too many people have pointed out in comments and on Twitter, I messed this up, comparing the Case-Shiller index in nominal dollars to household income in real dollars. Sorry! It’s fixed now. In nominal terms, household incomes have gone up about 17 percent since 2006, so houses are still more affordable than they were at the top of the bubble.

But not by a whole lot—and housing prices are continuing to rise. I’d still keep a close eye on this.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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