I don't even want to say how much our property in AZ has increased. But I will say it's down right crazy...I'd guess so many are coming here because like us, they hate long cold, snowy winters.
Posted on 01/25/2022 10:00:21 AM PST by Browns Ultra Fan
Happenings two months ago. The Case-Shiller home price index is out for … November 2021.
The Case-Shiller National home price index “slowed” to 18.81% YoY in November as The Fed continues its monetary stimulypto. Notice that The Fed is easing even when there is limited inventory available. Result? Hideous home price inflation.
Which metro area is growing the fastest, making housing even more unaffordable for renters? Phoenix AZ is growing at a 32.2% YoY clip while Washington DC is the slowest growing metro area at 11.1% YoY. The second faster growing metro area in Tampa FLA.
Phoenix AZ is growing at the fastest rate in the nation as The Fed still has its monetary stimulus at FULL SPEED AHEAD.
Let’s see if Fed Chair Powell decides to raise rates and let the Fed’s balance sheet run-off.
(Excerpt) Read more at confoundedinterest.net ...
If the costs of building houses rise, the cost of repairing apartments increases too, and so do rents.
Houses in Scottsdale that were selling for $500K a couple years ago are now selling for over a mil.
The prices are affordable to those paying them.
It is a question of prices being rational.
Oh boy property taxes get to go up, but its all monopoly money.
Property taxes are going to drive people out of their homes and onto the street.
All part of the plan.
I don't even want to say how much our property in AZ has increased. But I will say it's down right crazy...I'd guess so many are coming here because like us, they hate long cold, snowy winters.
I went for a ride with my agent (not looking) checking out a not so nice home in a poor location in Phoenix Saturday.
Listed for 350k.
The took 40 offers in one day.
I was shocked!
If prices are unaffordable why are so many houses selling?
Property taxes in Phoenix are very reasonable.
Can’t speak for other places but AZ is due to people leaving CA
We bought, in Scottsdale eight years ago, a modest 1400 sq. Ft house. It has doubled in price over that time.
Bidenflation is causing building material prices to remain high. This directly is inflating housing prices and even existing home prices to unstable levels. Bidenflation will likely cause a severe recession.
I’m confident Trump or another competent President would have fixed the supply chain issues.
“I don’t even want to say how much our property in AZ has increased. But I will say it’s down right crazy...I’d guess so many are coming here because like us, they hate long cold, snowy winters.”
Partly to be sure...however here in SW Montana the same is happening. We have GOOD snow, great ski areas and excellent hunting, fishing and hiking.
Our summers are not hot as AZ’s.
Stay strong FRiend!
The total property tax rate here in our area of Central Texas was 2.68% two years ago ($2.68 per $100). With the rising property values, I fully expected the property tax bills to spike with the new assessments (Texas limits the spikes to 10% per year - yikes). The price for not having state income taxes.
Anyway, when the property tax bill came for 2021, the rate had *dropped* to 2.38%. That's a sizable decrease, enough to offset the property values going up, at least for this year. This would never have happened back in California (Silicon Valley). They would have found some way to maintain the rates or increase them.
The sellers are the ones driving up the prices, not the buyers from CA.
But the way the Fed keeps borrowing money into existence, real estate is still a relatively inexpensive investment - hard as that may be to believe.
We don’t live in Phoenix, but another region of AZ. In the past 3 years, I will tell you our property has just about *doubled*. I watched all this happen in S.CA over the years, and now we’re living through it once again in AZ. I believe it’s being caused by thousands of what’s left of the patriot conservative retirees bailing out of CA who dislike CA Communist and prefer a location void of long cold dark winters.
That’s partially to blame on the Silicon Valley jackwads leaving as they can remote work from home. Idaho’s suffering the same as.
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