Are we seeing the groundwork being laid towards disillusionment in owning ones own home? Seems to me that at the rate things are going the State just might end up owning everything, and we the people just might be chasing after whatever it is the State will allow us.
One more burst Home Ownership bubble could lead to precisely the fear of risk taking investing in a home that would leave only the State as capable of owning the housing. When that happens then only those that participate with the State control will benefit with the best housing.
Just a thought.
No recovery in sight. The reason housing prices are higher is because the dollar is worth less, the same reason food, gas and all other consumer goods are higher now. It is called inflation.
All money is loaned into existence. They’re doing this to get all that QE money out there. There will have to be lots more, of course.
I wonder how many fake property sales have been recorded around the country in order to prop up property taxes.
Look beneath the numbers. An increase in the median price for all homes sold doesn’t mean home values increased the same percent across the board.
In Las Vegas the median price is up 25%. Most homeowners have seen little if any increase. How can this be? Well, this just means that one year ago most of the homes that sold were around $100K, purchased by investors. Now that most of these have been sold and are now being rented, the investors have moved up to slightly larger homes, selling for an average of $125K.
If I may, I have over 30 years in real estate sales and development.
No, there is no bubble. No, the national real estate market is not “well” or recovered either.
This writer ignored inventory levels (very important) and puts too much importance on price increases which will soon end. It’s perfectly natural for prices to jump after the huge declines of the last 6 years.
Lending is NOT loose these days. It was overly tight for several years.
Yes, the market will stall again. The pool of available qualified buyers is too small due to the lousy job situation.
It looks like we will see ups and downs for the next 5 years or so, but the big declines are over, barring some new economic calamity.