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Declining real estate prices continue to be a concern for investors. For some perspective on the magnitude of the decline in home prices, today's chart presents the median single-family home price divided by the price of one ounce of gold. This results in the home / gold ratio or the cost of the median single-family home in ounces of gold. For example, it currently takes a relatively low 106 ounces of gold to buy the median single-family home. This is dramatically less than the 601 ounces it took back in 2001. When priced in gold, the median single-family home is down over 80% from its 2001 peak (to a level last seen in 1980) and remains well within the confines of a six-year accelerated downtrend and continues to close in on its 1980 trough.
Notes:
- Does the real estate plunge continue? The answer may surprise you. Find out now with the exclusive & highly regarded charts of Chart of the Day Plus.
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Quote of the Day
"There are about three hundred economists in the world who are against gold, and they think that gold is a barbarous relic - and they might be right. Unfortunately, there are three billion inhabitants of the world who believe in gold." - Janos Fekete
Events of the Day
June 11, 2011 - Belmont Stakes
June 13, 2011 - US Open golf tournament begins (ends June 19th)
June 14, 2011 - Flag Day
June 19, 2011 - Father's Day
June 20, 2011 - Wimbledon tennis tournament begins (ends July 3rd)
June 21, 2011 - First Day of Summer (North America)
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