On the anniversary of Lehman Brothers’ demise and the near-collapse of global markets, it seems appropriate to take a step back from our little corner of heaven for a wider view.
Given where we were a year ago, the world seems to have heaved a huge, if cautious, sigh of relief. During the chill days of February, the stock market had lost more than half it’s value. Now it’s down “only” 35%.
San Francisco home prices have also improved. In January home prices were down 37% from their all-time highs. By July prices had recovered 11%. In August, however, prices fell back 2%. That’s a pretty stiff drop. (Click the chart for a big version.) ...