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Reply to "Federal Reserve: signs abound that housing market is entering bubble territory"
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[quote=Anonymous]Look at Graph B - House Price Exuberance index. [img]https://www.dallasfed.org/research/economics/2022/~/media/Images/research/economics/2022/0329/dfe0329c3.png[/img] We are still waaaaaaaaaaaaaaaaaaay below 2003-2007 period. Rising rates will mute price increases for the next few years and keep them largely flat in most of the country. We still have a shortage of homes - particularly for families - in the biggest metro areas (LA, NYC, SF, DC, etc). The cooling of housing prices will not be evenly distributed. I toured a bunch of houses on the Eastern Shore in 2016. Many were still underwater from the housing crisis. One guy was listed $200K under what he paid in 2007 and really wanted to sell so he could move to Florida. He told us that he owned 5 houses in the area and had lost 4 of them in the Crisis. Prices are going to be hit hardest in those areas outside the big metro areas. [/quote]
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