Word: carbacho
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...home-price implosion. Across major U.S. cities, the ratio is back to 17.4, practically its historical average. (If you wrap in rural areas, the figure is smaller and the trend less pronounced but still there.) "A year ago, it was a better deal to rent," says Andres Carbacho-Burgos, an economist at Economy.com "Now you have a significant number of areas, especially those hit the hardest by the correction, where, when you compare prices to rents, you'd be led to believe it's a good time...
...more pain they're due for, as well as to policymakers angling to prop up prices. At TIME's request, Moody's Economy.com ran numbers on price-rent ratios for a few dozen markets. "It's one way of estimating how out of kilter house prices are," says Andres Carbacho-Burgos, an economist at the analytics firm...
...overstating where the ratio will eventually level out, anyway, since it includes the boom years. If the price-ratio needs instead to settle back to its preboom average, then we're easily looking at up to another year of drops based on the current rate of decline, according to Carbacho-Burgos...
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