“home prices are currently nearly 10% more expensive than in 2008”
Wow, show me that market! I want to go there and buy all the houses.
What is the unprecedented reality in real estate—that they’ve stopped making more land?
Could it be allowing 3 million people per year to illegally cross the border and resettle in the United States is creating demand pressure on the housing market, particularly when the US government pays the rent for the “migrants”?
People took out mortgages before Bidenomics can pay them off with Zimbabwe-like dollars.
People who do not have a house title or mortgage are priced out.
Rent isn’t cheaper in TX. Mine went up again.
Also, all those millions of illegals have to live somewhere. That reduces housing supply and drives up prices.
Except it’s gotten a lot cheaper since interest rates have fallen 80bp over the last 6 weeks.
So the author is saying that over the last 15 years, the average home in the U.S. has increased in value at an annualized rate of less than 0.7%.
That statement must be either wrong, or it is completely debunking the idea that homes are "unaffordable" these days.
Supply and demand. Population at least 50% higher than in 1973. Maybe 25% higher than in 2000. Do we have 50% more homes? Schools? Roads? Hospitals?
The past is another country. I miss it. 1973 was a bad year in many ways, personally, aesthetically, politically, and I miss it. I lived in my own country, with traditional people around me as examples to follow.
“Prices are sticky on the down-side” - Econ 101 Professor.
This is a tough situation.
On the one hand, most of us on Free Republic believe very much in free markets, and the market says our houses are worth “X” amount. And for many of us, that “X” amount is astoundingly higher than we ever would have thought our middle class homes could be worth.
On the other hand, many of us are distressed about our children’s generation being able to buy a house at today’s higher prices.
The level of housing costs seems unsustainable longer term. Yet here we are.
What a horrible website. Sorry I looked.