How about an index rating for the current market?
I suggest the above title because going up or down, prices operate on bubble/ cycle
So from a zero basepoint:
0 = stagnant
-10 = full on rapid depreceation
+10 = Full on Rapid Appreciation.
By this example, August last year was (in real terms) the crest of the HPB
so the index would be 0
Today, we are on the down side, so i would suggest maybe the index be -3
in 1999 house doubled overnight so the index would be +10
This forum i hope is a long term look/track at the cyclical house price, and is not focused primarily on insistance of a HPC
Now that the peak has been and gone, maybe this forum should be re-jinked into this long term view.
There you go. My thoughts!!!1
Good idea if August 06 is 100, then in real terms we’re probably 94 or thereabouts now. A lot of work to make this anyway scientific though.
Suggest starting August 06 at zero, so we are now -6. Negative numbers are more eye catching.
Suggestion: Perhaps IrishPropertyWatch could retrieve the total value of housing stock on daft or myhome and then each time it runs the report deduct the total value of the price falls. The index could then be derived from that? (adjusting for increase in stock)
I think the index should be -5 now after yesterday.
Intrestingly, a barrel of doom and gloom from all fronts, oil ,Intrest rates, house prices, blah blah blah.
I think yesterday may be seen as a watershed day for the economic future for all areas of the economy.