Posted on 10/29/2021 7:45:12 AM PDT by millenial4freedom
The median U.S. home price just passed $400,000 for the first time ever, according to data from the St. Louis Federal Reserve.
In the third quarter the median home price hit $404,700, jumping nearly 13% since third quarter of 2020, when the median sales price was $358,700.
Though it’s an eye-catching number, the market has been hot of late, and a lack of inventory and high demand means foretold the rise in home prices.
According to a recent note from Goldman Sachs, home prices could rise another 16% by the end of next year. Goldman economist Jan Hatzius pointed out that of all the pandemic shortages, the housing shortage might last the longest and that a crash is very unlikely.
(Excerpt) Read more at finance.yahoo.com ...
:-)
Our glamper is looking pretty good, these days.
My local credit union owns my mortgage. They like me and give me offers for car loans, at a really low rate. A few months ago.......60 months and no payments for 6 months. Its insanity.
True, but with such historically low interest rates it pays to borrow so you can (1) put your money to work at a higher return and (2) pay back the loan with inflated dollars.
Priced in US dollars. Priced in gold (and many other commodities) housing is not particularly expensive at all - and borrowing long-term money is dirt cheap right now. It’s a great time to take out mortgage debt - and rob the banks in the process. :)
“The median home price just passed $400,000 for the first time ever”
Houses didn’t change. The money is just worth less due to inflation.
“My local credit union owns my mortgage.”
Are you sure? Mostly the CU merely acts as agent in processing loan and payments.
glamper
[glamper]
DEFINITION
noun form of glamping
glamping
[ˈɡlampiNG]
NOUN
a form of camping involving accommodation and facilities more luxurious than those associated with traditional camping.
“Houses didn’t change. The money is just worth less due to inflation.”
Wrong.
Yes.....we basically gutted an older model, 2 bedroom camper, and renovated it.
Looking more and more attractive, every day.
And a $10,000 limit on SALT.
It’s also “investors” buying up 25%+ of home up from under 15%. I wonder who’s behind these “investors.” Billionaires who see the dollar hyper-inflating? China?
” I wonder who’s behind these “investors.”
Lots of common people!
https://www.google.com/finance/quote/BLK:NYSE
“It’s also “investors” buying up 25%+ of home up from under 15%.”
100% of the home purchasers in my community in the last few years have been individuals/families.
My first house in a nice city neighborhood, $17,200.
In TX, it’s legal for the city/county to raise property taxes 10% each and every year - which, of course, they do. Who gets a raise every years to meet or exceeds this? One year, exactly 50% of the homes in our neighborhood we on the market due to property taxes. Many had to put off retiring to keep their homes. We’re super duper frugal and have to put every spare dime toward the taxes.
I’ve long believed the big increase is due to Kalifornican’s invading.
I was building homes for Toll Brothers in 2002-07.
They would have laughed you out of the sales office if you told them you had only $400k.
In Florida we have a 'save our homes' law that limits the percentage increase in property taxes by year - - every year you live in a home. So it's almost impossible to be taxed out of our homes once you've lived there a few years.
Really.
When I was born silver cost a bit less than $1 an ounce.
Now it costs around $25 an ounce.
Are you telling me silver is different?
My wife and I considered a Toll Brothers home near Folsom, California in 2007. They wanted $800k.
Come 2009 they begged us to buy the very same unsold house for $350k and we had cash. They accepted our offer of $325k. We rented it out and sold it in June for a nice ROI.
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