Felix Salmon says there's no end in sight for the housing bust, pointing to the latest edition of the Case-Shiller Home Price Index. Housing prices are off 36 percent since their 2006 peak. Housing prices have fallen back to 2002 levels in nominal terms but, as Business Week's Prashant Ghopal notes, they've plunged to 2000 levels when adjusted for inflation. Calculated Risk (with great graphics as usual) predicts another 10-20 percent drop,
Michael Lind argues New York and London are in for the biggest fall: "New York, London, and other financial centers were heavily dependent on financial-sector profits. Throw in the technology-driven collapse of the publishing and broadcast industries headquartered in such places, and those cities are likely to suffer devastating blows." But not so fast...
The Next American City's Josh Leon reacts to my March Atlantic essay on cities and the crisis.
A blogger says the issue is more class than gender. His point hit home with me.
This map from a new NBER study by UCLA economist Matthew Kahn and Michael Cragg of the Brattle Group (using data from Purdue's Vulcan project) shows the geography of carbon emissions by U.S. states. The study finds carbon emissions are more concentrated in poorer more conservative locations, posing significant political obstacles for policy to limit greenhouse gas emissions.
A real estate "frenzy" is apparently developing there, the NYT reports, as bottom feeders gobble up mass foreclosures.
Historically, housing prices have been about three times income, but by 2006 housing prices had soared to a high more than five times incomes. In Irvine, California, the housing price-to-income ratio soared to 8.6 by 2006. This map charts the housing-to-wage ratios for U.S. metropolitan areas in 2006, the height of the bubble. It differs from the more commonly used housing price-to-income ratio.
Brian Frank writes: "Richard Florida points to a familiar article about 'blipsters' - 'black hipsters.' Which is funny, now that I think of it, because the original hipsters were known as 'white negroes.'" Well, almost. Norman Mailer's infamous "The White Negro: Superficial Reflections on the Hipster" was originally published in 1957 in Dissent.
More than 2,000 car dealerships across the country will be closing their doors in coming months. Planetizen - my favorite urbanist site - recently asked its readers what should be done with all that space. Here are the top five vote-getters as of May 21.
A new British study finds that the most pirated pop songs on the internet are those that already top the charts. Instead of giving rise to a "long tail" where small indie acts broaden their appeal online, the study found that digital technology - and music pirating - simply work to reinforce the fat head of mass appeal.
The great Frank Gehry speaks to Charlie Rose about his life and work.