Modesto Housing Report - thebubblebuster.com

SUMMARY HISTORY PEAKS & TROUGHS FORECASTS

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The growth of prior years has come to an abrupt end and real terms resulted in the worst year since 1994. This comes despite continued job gains and historically low mortgage rates as price growth could not sustain prior levels due to poor affordability as during the prior Northern California market bubble. Consequently, nominal and real prices should be expected to decline towards the historic level of mortgage debt servicing cost.

SEE PRIOR MODESTO PEAKS & TROUGHS Next >

Year	Nominal Price History	Nominal Price Growth	Real Price History	Real Price Growth	Modesto Mortgage-Debt-to-Income Ratio	National Mortgage-Debt-to-Income Ratio
2001	$159,600	17.9%	$180,600	14.9%	21.0%	17.8%
2002	$179,900	12.7%	$198,400	9.9%	21.7%	17.5%
2003	$206,300	14.7%	$223,600	12.7%	24.1%	18.3%
2004	$255,000	23.6%	$269,700	20.7%	28.6%	19.6%
2005	$325,800	27.8%	$335,600	24.4%	37.3%	22.6%
2006	$330,000	1.3%	$330,000	-1.7%	35.8%	21.7%

MODESTO, CALIFORNIA - Q4:2006