The New Artisan Economy

Do we expect the jobs that resulted from the housing boom to once again come to the rescue of low-wage Americans? Hurst doesn?t think so. The run-up in home prices that triggered the jump in construction and local spending was relatively short-lived, and home prices have returned to the levels where one might expect them to be, based on the moderate price growth that has prevailed over many decades in just about every state in the Union. In New York, home prices grew at around 2.4 percent a year from 2000 to 2010, once you add up the 5 percent annual growth of 2000-07 and the bust that followed. This is not much different from the 2 percent annual growth that the state experienced from 1980 to 2000. Similarly, Nevada home prices declined slightly over 2000-10 despite the massive housing boom of the first half of the decade, just as they did during the years 1980-2000.

Source: http://feeds.slate.com/click.phdo?i=5cc805fd3a425c181e1748ac107e3a75

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