Housing Bubble 2? I guess we missed the 2008 bottom?
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Anonymous
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New stats from Case Shiller.
Wonder if this is just another bubble? 1-months 3-months 1-year 2-years 3-years earlier earlier earlier earlier earlier ============================================================ US Composite-20 2.33% 6.05% 0.50% -3.91% 0.17% ------------------------------------------------------------ Detroit 6.02% 4.48% 2.46% 1.63% 2.43% Minneapolis 4.78% 8.66% 5.70% -5.70% 4.38% Chicago 4.59% 10.56% -1.73% -9.04% -9.10% Atlanta 4.43% 11.12% -12.06% -16.39% -14.76% San Francisco 2.76% 10.38% 3.05% -2.48% 11.48% Portland 2.53% 7.36% 2.97% -6.87% -6.71% Boston 2.52% 5.83% -0.02% -2.15% 1.13% Phoenix 2.47% 7.80% 13.89% 3.33% 9.50% Cleveland 2.20% 7.33% 0.87% -5.30% -4.51% ============================================================ -months 3-months 1-year 2-years 3-years earlier earlier earlier earlier earlier ============================================================ New York 2.10% 3.71% -2.05% -5.47% -5.19% Washington DC 2.08% 7.55% 3.88% 2.16% 9.55% Denver 2.01% 5.98% 4.04% 1.44% 3.26% Tampa 1.86% 6.17% 3.36% -4.14% -5.72% Seattle 1.83% 6.60% 1.77% -4.73% -6.45% Los Angeles 1.70% 5.53% -0.64% -4.04% 4.77% Miami 1.58% 3.45% 4.42% -0.88% 0.17% Las Vegas 1.50% 4.53% -1.81% -7.69% -12.46% Dallas 1.31% 4.97% 3.68% -0.74% 0.35% San Diego 1.11% 3.39% -0.19% -5.53% 5.06% Charlotte 0.98% 4.56% 0.78% -2.38% -5.05% ============================================================ To contact the reporter on this story: Shobhana Chandra in Washington at |
Anonymous
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For real I'm thinking the same thing. It's impossible to buy right now - inventory is so low and flying off the shelves in 1-3 days.
Plus, when interest rates are high again, the bottom will fall out again and we will be back, again, at close to 2000 prices IMO. And for some reason I want to buy now anyway. . . |
Anonymous
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I think inventory is impossibly tight because people can't afford to move out of the houses they're in now. Makes sense that the price for any available houses is really high (demand is high, supply is low).
I don't think interest rates going up will affect prices in this area, because it will not solve the demand/supply issue: if rates go up, even fewer people will be able to move up to a new house, so inventory will be even lower. That will mean high prices for the tiny inventory that's moving. |
Anonymous
| You would expect prices to bounce after the long period of falls / stagnation we have experienced over the last 5 years. 2000 prices seem unlikely unless there is another major recession ... and even then, in inflation adjusted terms 2000 prices are about 45% less than current prices. Gradual increases interest rates will not do this on their own. |
Anonymous
| sellers will start making the calls and eventually buyer's will forget the downturn of 2007 |
Anonymous
| At least we aren't SanFran! |
Anonymous
| Tried to talk my husband into buying in 2010. Now the only inventory available in our target areas are the complete dogs that no one wants. |
Anonymous
| The inventory in area area is either a main road or worse. If you look in desirable areas, they will try to mark up the price (doesn't fit the comps) and it is so obvious. I feel like I'm in the used car market and all that is available are Kias with a huge markup. |
Anonymous
| area = any |
Anonymous
last months markup is today's comp. Get used to it, housing prices are increasing at about a 4% a year http://www.newser.com/article/da0ukii00/a-look-at-the-hottest-and-coldest-housing-markets-by-price.html |