Posted on 07/05/2013 5:02:14 AM PDT by Olog-hai
Dramatic home price gains in some of America’s largest cities point to a potentially new housing bubble in those areas, according to Robert Shiller, who helped create a closely watched gauge of U.S. housing prices.
Shiller said big price gains in Las Vegas, Los Angeles, San Francisco, Miami and Phoenix, fueled in part by a large influx of outside investor money, are a possible sign of trouble ahead.
“There is a risk of bubbles in these cities,” Shiller, a co-founder of the S&P/Case-Shiller Home Price Index, told Reuters on Wednesday. “House prices increases have been dramatic. It looks like the beginning of the last bubble.” …
(Excerpt) Read more at reuters.com ...
House flippers can not sustain a market that is overbuilt over the long haul. Many of us explained what was coming eight years ago.
Scarlet Memorial: Tales Of Cannibalism In Modern China~ Zheng Yi (Author),
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.