Posted on 02/23/2021 7:32:41 AM PST by SeekAndFind
According to the latest data from S&P CoreLogic Case-Shiller, US home prices in the top 20 cities rose at a stunning 10.10% year-over-year - its fastest acceleration since 2014...
Source: Bloomberg
That is a price rise that is five times The Fed's 'mandated' level of inflation.
Phoenix, San Diego and Seattle posted the biggest gains in prices. Nationally, the Case-Shiller index jumped 10.4% in December, also the biggest surge since 2014.
Historically low mortgage rates have fueled a pandemic housing rally, with scant inventory of homes to buy helping to boost prices.
As in the housing boom of the mid-2000s, home prices are rising faster than personal incomes. Changes in the Home Price Index and the Income Index from 1991 to 2020:
Will The Fed never learn? This pump-a-thon didn't end well before... and with exponentially more debt and leverage now, it will end in even more wealth transfer and socialism for the rich...and this time, the paeons pitchforks are already sharpened.
We also note that the moratoriums on evictions and foreclosures are also distorting the market. There's no question these policies are needed to keep people from being displaced in the midst of a pandemic, but they will eventually have to be lifted and it is not clear what will happen when they do.
It blows me away that all the new houses being built, from what I have seen, anyway, are practically mansions. What's up with that?
“For real? That is really a momentous decision.”
Tell me about. It’s a lot of work and there are a lot of details to deal with. For example if you have a foreign driver’s license and you visit the US for longer than a month, there are several states where you cannot even legally drive, unless you get a US license. They obviously don’t want foreigners driving forever without a US license, but one month is pathetic for people who are still US citizens (most states are 2 or 3 months).
And don’t even get me started on cell phones or accessing US bank accounts from overseas.
Not many to flip, at least in most of the country. Rentals? Yes. Starved for yield, many investors are searching for 4-10% cap rates in real estate, bonus if prices keep appreciating. Main thing pushing pricing up is lack of inventory.
It's been two generations.
“I’m thinking same. Just hard to do it and leave family”
My family is scattered around the US and would certainly get sick of me if we settled near them, so not as big of a deal, just longer flights to visit. But there is one benefit to them if you are overseas - they will have a place to quickly bug-out to, if things go the way the Democrats plan in this country. They may also get priority to join you overseas full-time, based you already establishing a beachhead there.
Thanks to the idiot in the WH who cancelled the pipeline, gasoline prices are also shooting up.
Don't be a faker. Either cut your ties to this country, or stop pretending.
“Then it sounds to me like you’re not really leaving the U.S. after all. Don’t be a faker. Either cut your ties to this country, or stop pretending.”
Do you even have a CLUE what it takes to leave the US?
I've actually lived outside the U.S.
Next question?
Housing prices going up and and claiming that a big measure of inflation is very short sighted.
Commercial real estate prices are going down as vacancy rates plummet due to covid and many now working from home. Some companies are making that permanent. That is DEFLATION in those prices. You would have to net-net out commercial and non-commercial real estate for a proper metric.
If commercial falls 2 trillion and housing goes up 1.5 trillion that is .5 trillion of overall net deflation in real estate prices.
Would have to toss in farm land, etc.,...
“Yes. I’ve actually lived outside the U.S. Next question?”
Well, good for you. Did you live in the US-in-drag country (as in Canada) or in a country that wasn’t a carbon copy of the US?
That oil is just going by train now.
Seems like outright panic buying now in my area.
I found this interesting item on your profile page:
So, a multi-faceted approach to this virus would be the following:
a) Identify carriers with symptoms and get them off the streets (via massive temperature checking)
b) Trace and quarantine close contacts with identified carriers
c) Require the use of masks for all people in public
d) Put in place social distancing to avoid unnecessary risks due to high concentrations of people
I can't believe anyone who posts this sh!t on FR would ever call himself a "conservative."
If you really do leave the U.S., I suspect it's because you actually prefer a nanny-state government that will protect you from all the hobgoblins and viruses out there.
Good luck with your migration, dude.
We have a generation of Biden voters who have no concept what inflation is, how it works, or why.
It’s going to be delicious hearing their cries as they learn.
Its going to be fun when they finally get the 15 an hour and the fools realize they can only still afford a 2002 Oldsmobile Alero, instead of being 2 grand, under inflation it is now a 8 grand car.....
Then they will just demand 30 an hour
“Then they will just demand 30 an hour”
And the Dems will give it to them, eventually. Appease the masses while continuing to rake in the fruits of their corruption.
Right now, the non illegals are soaking up the unemployment.
Have two guys come to me and say “Uncle Sam pays me enough to sit on my but, I am out of here!”
Cutting off immigration will not stop that.
The BLM riots killed “urban pioneering” dead, so the exodus to distant and pleasant suburbs has caused massive price spikes in those destination areas, But the urban real estate slide has canceled out a lot of the contribution to inflation.
ROI.
The difference in costs between building a big house and a few smaller houses is less than the return on selling one big house.
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