{"id":226,"date":"2007-10-22T21:05:52","date_gmt":"2007-10-22T21:05:52","guid":{"rendered":"http:\/\/astraea.net\/blog\/?p=226"},"modified":"2007-11-06T21:19:15","modified_gmt":"2007-11-06T21:19:15","slug":"the-us-housing-market-is-already-starting-to-clear-thats-efficiency","status":"publish","type":"post","link":"https:\/\/www.astraea.net\/blog\/the-us-housing-market-is-already-starting-to-clear-thats-efficiency\/","title":{"rendered":"The US housing market is already starting to clear &#8211; that&#8217;s efficiency"},"content":{"rendered":"<p><a href=\"http:\/\/www.nytimes.com\/2007\/10\/22\/us\/22auction.html?pagewanted=1&amp;th&amp;emc=th\">This NYT article<\/a> describes a Minneapolis auction of properties that have been foreclosed:\u00a0 300 properties in 2 days, winning bids as low as half market value of 6 months ago.\u00a0 More than half the properties were previously owned by speculators who had never moved in.<\/p>\n<p>The story illustrates how quickly an efficient market can move and is a key strength of the US system.\u00a0 When the financial crisis hit Asia back in 1996 it took years for deals to be struck in the Thai market and delayed injections of capital that would have accelerated the rejuvenation of the economy.\u00a0 That isn&#8217;t happening in America.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This NYT article describes a Minneapolis auction of properties that have been foreclosed:\u00a0 300 properties in 2 days, winning bids as low as half market value of 6 months ago.\u00a0 More than half the properties were previously owned by speculators who had never moved in. The story illustrates how quickly an efficient market can move &hellip;<br \/><a href=\"https:\/\/www.astraea.net\/blog\/the-us-housing-market-is-already-starting-to-clear-thats-efficiency\/\" class=\"more-link pen_button pen_element_default pen_icon_arrow_double\">Continue reading <span class=\"screen-reader-text\">The US housing market is already starting to clear &#8211; that&#8217;s efficiency<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[24],"tags":[],"class_list":["post-226","post","type-post","status-publish","format-standard","hentry","category-markets"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p4hwcd-3E","jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/posts\/226","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/comments?post=226"}],"version-history":[{"count":0,"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/posts\/226\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/media?parent=226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/categories?post=226"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/tags?post=226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}