U.S. Home Prices Gain 19.7% in Another
Record for Hot Market
Bloomberg News,
by
Craig Giammona
Original Article
Posted By: NorthernDog,
9/28/2021 10:45:11 AM
U.S. home prices surged 19.7% in July, once again posting the biggest jump in more than 30 years. The record gain in the S&P CoreLogic Case-Shiller index of property values nationwide followed a 18.7% jump in June and was the 14th straight month of accelerating price increases. The U.S. housing market has been on fire, with the pandemic fueling intense demand for suburban homes. A shortage of affordable properties has pushed up prices and kept some potential buyers on the sidelines. “The last several months have been extraordinary not only in the level of price gains, but in the consistency
Reply 1 - Posted by:
LadyHen 9/28/2021 10:59:05 AM (No. 928918)
We took the opportunity to lower our interest rate and shorten our term. Cut a couple years off our loan while paying the same payment.
That said, houses here are flying off the market in a week. People are foolishly selling their homes for huge sums to who knows what big corporation (who will then turn it into rental property) but then the sellers can not find a new house for the money. Best to just sit on the house we bought 20 years ago and get it paid off.
10 people like this.
Reply 2 - Posted by:
DVC 9/28/2021 11:02:59 AM (No. 928926)
Dollar shrinks 19.7%....there, fixed that headline.
14 people like this.
Reply 3 - Posted by:
AltaD 9/28/2021 11:16:11 AM (No. 928946)
I know a number of people who have moved out of the city, a few moved to the suburbs, the others moved out of state. In each case they were willing to pay whatever the asking price was (or more) now that work-from-home was a permanent option.
7 people like this.
Reply 4 - Posted by:
dman 9/28/2021 11:28:40 AM (No. 928962)
Inflation is the cruelest tax on the middle class. Stagflation is even worse.
Those who lived through the late 70s and late 80s know that housing bubbles burst.
Caveat emptor.
13 people like this.
Reply 5 - Posted by:
Ribicon 9/28/2021 11:31:42 AM (No. 928967)
Interest rates well below inflation and the Fed printing press working over time. Economic experts Janet Yellen and Jerome Powell might need to confer with AOC to address the root causes, but in the meantime we're primed for another housing bubble crash, with the usual taxpayer bailout waiting in the wings to make the gambling bankers whole when it turns sour.
6 people like this.
Reply 6 - Posted by:
Hermit_Crab 9/28/2021 11:33:13 AM (No. 928969)
Kind of ironic to me, that our masters, in another 'War Against the Kulaks' are busy eliminating 'property rights', yet people are willing to pay double, soon triple what a property is worth.
"BY 2030 YOU WILL OWN NOTHING". Our elitist masters admit their intentions quite publicly. Even advertise it in the media. Yet......
8 people like this.
Reply 7 - Posted by:
TXknitter 9/28/2021 12:23:47 PM (No. 929042)
There are some who will continue to think the hot market is just great even as a basic three bedroom, 2 bath home gets into crazyland price (DEBT) territory. It is sure getting nuts here in West Texas. Giant homes popping up and quickly purchased by folks like our new Congressman Ronny Jackson. Young couples getting into such personal debt to get into a 400K home. Where does this end?
6 people like this.
Reply 8 - Posted by:
JHHolliday 9/28/2021 1:05:18 PM (No. 929103)
Prices are certainly getting ridiculous. Some of the stories I hear are startling. A $600,000 home five years ago went for a million in one of our nicer subdivisions. My house is paid for and I could make a mint on it but at 80 years old where would I go? These bubbles never end well.
10 people like this.
Reply 9 - Posted by:
stablemoney 9/28/2021 1:49:53 PM (No. 929144)
They can increase home prices a 100%-----but there is nobody with the money to pay it. The banks will have to print the money and give it to them. One thing that is happening that is concerning is that Wall Street bankers and the Chinese are buying up all the housing to get out of cash and into hard assets to avoid inflation. Working Americans are not going to be able to afford housing. It looks like the everything is free policies of the Democrats is going to leave regular Americans with a declining standard of living, soon to be just like Venezuela and Cuba.
4 people like this.
Reply 10 - Posted by:
mseegal 9/28/2021 2:06:18 PM (No. 929165)
How are retirees on fixed-income going to afford to pay the property tax on these sky-high values?
6 people like this.
Reply 11 - Posted by:
red1066 9/28/2021 2:06:32 PM (No. 929167)
I'd sell, except that even with the increased price of my home, I'd have to pay even more for another place, and new construction is taking four to five months longer to complete.
5 people like this.
Reply 12 - Posted by:
smokincol 9/28/2021 2:37:58 PM (No. 929201)
who's kidding who, that only benefits real estate agents and property law lawyers, the seller is being shafted and the buyer is being robbed but no one seems to care about them
3 people like this.
Reply 13 - Posted by:
Peaches 9/28/2021 4:59:09 PM (No. 929338)
When the bubble bursts, look out.
1 person likes this.
Reply 14 - Posted by:
dickiedeeb 9/28/2021 10:13:54 PM (No. 929591)
Oh the currency has been devalued 20 more percent? Im sure its not deliberate nonono...
0 people like this.
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At some point people will realize the dinky little bungalow isn't really worth $700,000 but the value of the dollar is just plummeting.