Posted on 11/30/2023 8:50:31 AM PST by Kaiser8408a
Despite The Fed’s attempts at cooling inflation down to 2%, we are seeing a re-animation of price increases. this time with home prices.
On a year-over-year basis, the Freddie Mac National FMHPI was up 6.0% in October, from up 5.1% YoY in September. The YoY increase peaked at 19.1% in July 2021, and for this cycle, bottomed at up 0.9% in April 2023. …
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Austin TX is the big loser, down -11.2% from peak. Followed by Idaho (largely people escaping from Newsomland (California) and speculators. The sixth leading area is Lake Havasu AZ.
Freddie HPI CBSA As of October, 7 states and D.C. were below their previous peaks, Seasonally Adjusted. The largest seasonally adjusted declines from the recent peak were in Idaho (-4.5%), Utah (-2.7%), D.C. (-2.0%), and Nevada (-1.6%). Nevada, Idaho and Utah are now known as the Mild, Mild, West due to sagging home prices.
For cities (Core-based Statistical Areas, CBSA), here are the 30 cities with the largest declines from the peak, seasonally adjusted. Austin continues to be the worst performing city.
So, yes, inflation is growing again. This time it is persisent and growing.
(Excerpt) Read more at confoundedinterest.net ...
Austin real estate is still wildly overpriced.
Better raise rates some more then.
the Austin Board of Realtors disagrees...but yes, I agree with you. There’s some real Californication in pricing in and around Central Austin.
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