Monterey 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 resulted in the largest yearly price drop on record (in both nominal & real terms). This comes despite job gains and historically low mortgage rates as price growth could not sustain prior levels due to extremely poor affordability as during the prior California market bubble. Consequently, nominal and real prices should be expected to decline towards the historic level of mortgage debt servicing cost.

SEE PRIOR MONTEREY PEAKS & TROUGHS Next >

Year	Nominal Price History	Nominal Price Growth	Real Price History	Real Price Growth	Monterey Mortgage-Debt-to-Income Ratio	National Mortgage-Debt-to-Income Ratio
2001	$388,500	9.0%	$440,200	6.2%	39.3%	17.8%
2002	$419,400	8.0%	$463,100	5.2%	39.0%	17.5%
2003	$457,500	9.1%	$496,200	7.2%	41.2%	18.3%
2004	$565,300	23.6%	$598,400	20.6%	48.8%	19.6%
2005	$690,200	22.1%	$711,100	18.8%	60.7%	22.6%
2006	$675,000	-2.2%	$675,000	-5.1%	56.4%	21.7%

MONTEREY, CALIFORNIA - Q4:2006