On one end, you have the destruction left over from the extinction of US auto manufacturing. On the other end, you have PIMCO. And inbetween the two, there are 294 home markets, which make up the exponential curve of US real estate prices. It is not surprising that the non-normal distribution in home prices follows quite closely the Talebian extremistan distributions expected (even though the last word is an oxymoron in this context) out of modern day markets. We wonder which end of the curve the President has got his eyes focused most on these days for "excess efficiency" retention purposes.
According to the latest Coldwell Banker home listing report (link), the richest people in America reside in the following cities, which boast the following average home prices:
1.Newport Beach - $1,826,348
2.Palo Alto - $1,479,227
3.Rye - $1,325,500
4.San Francisco - $1,325,103
5.La Jolla - $1,210,300
6.Greenwich - $1,195,614
7.Wellesley - $1,080,458
8.Pasadena - $1,043,683
9.Honolulu - $1,026,821
10. Santa Barbara - $1,024,661
Alas for every market boasting an average home price over $1MM (ten of them), there are citis on the other end of the spectrum. And using the completely arbitrary cut off metric of $250,000, there are 145 markets whose homes cost less than that particular magic number, lef by the following:
1.Detroit - $68,007
2.Grayling - $84,625
3.Sioux City - $85,967
4.Cleveland - $87,240
5.Muncie - $100,314
6.Norfolk - $107,814
7.Kansas City - $112,449
8.Canton - $114,325
9.Port Huron - $116,267
10. Topeka - $116,343
At least Detroit is at the top of something. As is the broke state of California - with 6 of the 10 most expensive markets residing in the Golden State. We dread to think what will happen once the state's broke administrators realize how much wealth could be extracted from local housing if only they could collect a liiiittle bit of the net worth of each home (assuming said home is not already underwater on the debt it is pledged to).
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