| Table 1. Historical Evidence of U.S. Home Price Booms and Busts, 1978 - 2004 This table displays years of home price booms and busts in metropolitan areas during the period 1978 to 2004. Cities are grouped by geographic region. |
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| Region and City | Boom | Bust | Years Data Not Available |
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|---|---|---|---|---|---|
| Years Where Real Home Prices Increased At Least 30 Percent From 3 Years Earlier | Maximum Real Price Increase |
Years Where Nominal Home Prices Declined From 5 Years Earlier* | Maximum Nominal Price Decline |
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| California | |||||
| Bakersfield, CA | 2004 | +47% | |||
| Chico, CA | 2003, 2004 | +49% | 1978 | ||
| Fresno, CA | 2003, 2004 | +58% | |||
| Hanford-Corcoran, CA | 2004 | +38% | 1978-1987 | ||
| Los Angeles-Long Beach-Glendale Metro Div,CA | 1978, 1979 | +46% | 1994, 1995, 1996, 1997, 1998 | -20% | |
| 1988, 1989, 1990 | +49% | ||||
| 2003, 2004 | +53% | ||||
| Madera, CA | 2003, 2004 | +57% | 1978-1983 | ||
| Merced, CA | 2002, 2003, 2004 | +43% | 1978 | ||
| Modesto, CA | 1990 | +32% | |||
| 2002, 2003, 2004 | +44% | ||||
| Napa, CA | 1990 | +34% | 1978 | ||
| 2000, 2001, 2002, 2003, 2004 | +46% | ||||
| Oxnard-Thousand Oaks-Ventura, CA | 1979 | +39% | 1994, 1995, 1996, 1997 | -17% | |
| 1988, 1989, 1990 | +50% | ||||
| 2003, 2004 | +53% | ||||
| Redding, CA | 2003, 2004 | +52% | 1978-1980 | ||
| Riverside-San Bernadino-Ontario, CA | 1979 | +40% | 1994, 1995, 1996, 1997, 1998 | -18% | |
| 2003, 2004 | +58% | ||||
| Sacramento-Arden-Arcade-Roseville, CA | 1979 | +30% | |||
| 1990 | +32% | ||||
| 2002, 2003, 2004 | +47% | ||||
| Salinas, CA | 2000, 2001, 2002, 2003, 2004 | +49% | |||
| San Diego-Carlsbad-San Marcos, CA | 1979 | +45% | |||
| 1989 | +32% | ||||
| 2000, 2001, 2002, 2003, 2004 | +55% | ||||
| San Francisco-S Mateo-Redwd City Metro Div, CA | 1978, 1979 | +39% | |||
| 1988, 1989, 1990 | +54% | ||||
| 2000, 2001, 2002 | +46% | ||||
| San Jose-Sunnyvale-Santa Clara, CA | 1978, 1979 | +40% | |||
| 1989, 1990 | +49% | ||||
| 1999, 2000, 2001, 2002 | +51% | ||||
| San Luis Obispo-Paso Robles, CA | 1989, 1990 | +44% | 1994, 1995, 1996, 1997 | -16% | |
| 2001, 2002, 2003, 2004 | +46% | ||||
| Santa Barbara-Santa Maria-Goleta, CA | 1989 | +34% | |||
| 2001, 2002, 2003, 2004 | +53% | ||||
| Santa Cruz-Watsonville, CA | 1988, 1989, 1990 | +45% | |||
| 2000, 2001, 2002 | +48% | ||||
| Santa Rosa-Petaluma, CA | 1989, 1990 | +41% | |||
| 2000, 2001, 2002 | +48% | ||||
| Stockton, CA | 2001, 2002, 2003, 2004 | +38% | |||
| Vallejo-Fairfield, CA | 2001, 2002, 2003, 2004 | +45% | |||
| Visalia-Porterville, CA | 2004 | +36% | |||
| Yuba City, CA | 2003, 2004 | +56% | 1978-1986 | ||
| Other Western Locations | |||||
| Bellingham, WA | 1990, 1991, 1992 | +43% | 1978 | ||
| Bend, OR | 1990, 1991 | +32% | 1978-1985 | ||
| Boulder, CO | 1994 | +31% | |||
| 2001 | +31% | ||||
| Carson City, NV | 2004 | +44% | 1978-1987 | ||
| Corvallis, OR | 1994, 1995 | +36% | 1978-1985 | ||
| Denver-Aurora, CO | 1979 | +35% | |||
| Las Vegas-Paradise, NV | 2004 | +43% | |||
| Medford, OR | 2004 | +31% | 1978-1980 | ||
| Mount Vernon-Anacortes, WA | 1990, 1991 | +37% | 1978-1985 | ||
| Ogden-Clearfield, UT | 1995, 1996 | +30% | |||
| Provo-Orem, UT | 1995, 1996 | +34% | 1978-1982 | ||
| Reno-Sparks, NV | 2004 | +41% | |||
| Salt Lake City, UT | 1994, 1995, 1996 | +36% | |||
| Seattle-Tacoma-Bellevue, WA | 1978, 1979 | +51% | |||
| 1990, 1991 | +38% | ||||
| Oil Patch | |||||
| Anchorage, AK | 1987, 1988, 1989, 1990, 1991 | -29% | 1978-1981 | ||
| Austin-Round Rock, TX | 1989, 1990, 1991, 1992 | -25% | |||
| Casper, WY | 1988, 1989, 1990 | -34% | 1978-1982 | ||
| Grand Junction, CO | 1985, 1986, 1987, 1988 | -29% | 1978-1979 | ||
| Houston-Baytown-Sugar Land, TX | 1986, 1987, 1988, 1989, 1990 | -22% | |||
| Lafayette, LA | 1986, 1987, 1988, 1989, 1990, 1991 | -39% | 1978-1980 | ||
| Midland, TX | 1987, 1988, 1989, 1990, 1991, 1992 | -31% | 1978-1981 | ||
| Odessa, TX | 1989, 1990, 1991 | -24% | 1978-1983 | ||
| Oklahoma City, OK | 1987, 1988, 1989, 1990, 1991 | -26% | |||
| San Antonio, TX | 1988, 1989, 1990, 1991, 1992 | -17% | 1978 | ||
| New England | |||||
| Barnstable Town, MA | 1987, 1988 | +62% | 1992, 1993, 1994, 1995 | -15% | 1978-1983 |
| 2000, 2001, 2002, 2003, 2004 | +48% | ||||
| Boston-Quincy Metro Div, MA | 1985, 1986, 1987, 1988 | +74% | |||
| 2000, 2001, 2002, 2003, 2004 | +38% | ||||
| Bridgeport-Stamford-Norwalk, CT | 1985, 1986, 1987, 1988 | +71% | |||
| Burlington-South Burlington, VT | 1988 | +32% | 1978-1984 | ||
| Hartford-West Hartford-East Hartford, CT | 1986, 1987, 1988, 1989 | +61% | 1993, 1994, 1995, 1996, 1997, 1998 | -17% | |
| Manchester-Nashua, NH | 1986, 1987, 1988 | +55% | 1991, 1992, 1993, 1994, 1995, 1996 | -20% | 1978-1982 |
| 2002, 2003 | +35% | ||||
| New Haven-Milford, CT | 1986, 1987, 1988 | +76% | 1992, 1993, 1994, 1995, 1996, 1997 | -16% | |
| Norwich-New London, CT | 1988 | +50% | 1993, 1994, 1995, 1996 | -16% | 1978-1984 |
| 2004 | +31% | ||||
| Portland-South Portland-Biddeford, ME | 1986, 1987, 1988 | +47% | 1978-1982 | ||
| 2004 | +30% | ||||
| Providence-New Bedford-Fall River-Warwick, RI | 1985, 1986, 1987, 1988, 1989 | +69% | |||
| 2002, 2003, 2004 | +46% | ||||
| Springfield, MA | 1986, 1987, 1988 | +63% | 1978-1979 | ||
| Worcester, MA-CT | 1985, 1986, 1987, 1988 | +71% | 1978-1979 | ||
| 2002, 2003, 2004 | +34% | ||||
| Other Northeast | |||||
| Albany-Schenectady-Troy, NY | 1986, 1987, 1988 | +49% | 1978-1979 | ||
| Allentown-Bethlehem-Easton, PA-NJ | 1987, 1988, 1989 | +48% | |||
| Atlantic City, NJ | 2004 | +40% | 1978-1983 | ||
| Baltimore-Towson, MD | 2004 | +36% | |||
| Hagerstown-Martinsburg, MD-WV | 2004 | +30% | 1978-1987 | ||
| Kingston, NY | 2003, 2004 | +41% | 1978-1985 | ||
| New York-Wayne-White Plains Metro Div, NY | 1985, 1986, 1987, 1988 | +67% | |||
| 2002 | +30% | ||||
| 2004 | +33% | ||||
| Ocean City, NJ | 2002, 2003, 2004 | +44% | 1978-1985 | ||
| Philadelphia Metro Div, PA | 1987, 1988, 1989 | +42% | |||
| 2004 | +30% | ||||
| Poughkeepsie-Newburgh-Middletown, NY | 1986, 1987, 1988 | +63% | 1978-1980 | ||
| 2003, 2004 | +41% | ||||
| Scranton-Wilkes-Barre-Hazelton, PA | 1988 | +31% | 1978-1983 | ||
| Trenton-Ewing, NJ | 1986, 1987, 1988 | +61% | |||
| 2004 | +32% | ||||
| Virginia Beach-Norfolk-Newport News, VA-NC | 2004 | +31% | |||
| Washington-Arlington-Alexandria Metro Div, DC | 1988 | +31% | |||
| 2003, 2004 | +40% | ||||
| Winchester, VA-WV | 2004 | +35% | 1978-1988 | ||
| Florida | |||||
| Cape Coral-Fort Myers, FL | 2003, 2004 | +38% | 1978-1982 | ||
| Deltona-Daytona Beach-Ormond Beach, FL | 2004 | +35% | |||
| Fort Walton Beach-Crestview-Destin, FL | 2004 | +32% | 1978-1986 | ||
| Miami-Fort Lauderdale-Miami Beach, FL | 2003, 2004 | +45% | |||
| Naples-Marco Island, FL | 2002, 2003, 2004 | +35% | 1978-1983 | ||
| Palm Bay-Melbourne-Titusville, FL | 2004 | +43% | 1978-1979 | ||
| Panama City-Lynn Haven, FL | 2004 | +30% | 1978-1985 | ||
| Port St. Lucie-Fort Pierce, FL | 2003, 2004 | +54% | 1978-1979 | ||
| Punta Gorda, FL | 2003, 2004 | +42% | 1978-1986 | ||
| Sarasota-Bradenton-Venice, FL | 2004 | +37% | |||
| Vero Beach, FL | 2004 | +38% | 1978-1984 | ||
| Other | |||||
| Honolulu, HI | 1980 | +30% | 1996, 1997, 1998, 1999, 2000, 2001 | -16% | |
| 1989, 1990, 1991 | +60% | ||||
| 2004 | +35% | ||||
| Peoria, IL | 1984, 1985, 1986, 1987, 1988 | -16% | |||
| * A city must include at least one 5-year period where nominal prices declined by more than 15 percent. Source: FDIC (Office of Federal Housing Enterprise Oversight House Price Index, nominal and real, using Bureau of Labor Statistics Consumer Price Index less shelter inflation index). |
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