Raymond Richman - Jesse Richman - Howard Richman
Richmans' Trade and Taxes Blog
House Prices Falling - Except in DC
The latest S&P Case-Shiller numbers (for March) show that house prices are still falling:
But there is good news, President Obama has stabilized house prices in Washington DC. In fact, the trend for house prices in Washington DC has been upward ever since January 2009, when Obama was inaugurated, as shown by the red line in the graph below.
In his inaugural speech in January 2009, President Obama made many promises. His most important was his promise to grow the federal government in Washington DC in order to help families, specifically:
The government has indeed grown. President Obama has stabilized house prices in DC, probably due to the increased demand for housing from federal government employees and Washington lobbyists. This growth in government has indeed helped American families -- if they live in DC.
Journal of Economic Literature:
Atlantic Economic Journal: