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Home prices surge by most since 2006
Fox Business News ^ | 04/27/2021 | Jonathan Garber

Posted on 04/27/2021 12:41:34 PM PDT by thegagline

Cities like Dallas, Texas are benefiting from homebuyers from high-tax states with deep pockets. Real estate executive Rogers Healy weighs in on the 'new reality' of the business.

U.S. home prices in February rose at their fastest pace in 15 years as the COVID-19 pandemic accelerated the urge to move from urban apartments to suburban homes.

Home prices climbed 12% year over year in February, according to the national Case-Shiller index, making for the fastest increase since February 2006. Prices are now 29% above their 2006 peak.

"The housing market is running full steam ahead," said Selma Hepp, deputy chief economist at CoreLogic.

The 20-City Composite rose 11.9% in February versus a year ago, up from 11.1% in the previous month.

All 20 of the index’s cities saw percentage gains over last year, led by Phoenix (+17.4%), San Diego (+17%) and Seattle (+15.4%). The smallest gains were in Chicago (+8.6%) and Las Vegas (+9.1%).

Every region recorded double-digit percentage gains, paced by a 13% increase in the West and a 12.9% rise in the Southwest.

The price increases have been bolstered by continued signs of a strengthening U.S. economy, in addition to low mortgage rates and a shortage of homes available for sale.

However, surging prices won’t last forever, cautions Hepp.

"More for-sale inventories and a narrowing pool of potential buyers will likely slow the speeding train, providing a clearer vision of what’s ahead," she said.


TOPICS: Business/Economy; US: Arizona; US: California; US: Illinois; US: Nevada; US: Texas; US: Washington
KEYWORDS: arizona; bubble; california; chicago; dallas; home; homes; housing; illinois; inflation; lasvegas; nevada; phoenix; realestate; realty; rogershealy; sandiego; seattle; selmahepp; texas; washington
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To: thegagline

Don’t celebrate skyrocketing home prices. It’s inflation, signaling the demise of the real US economy.


61 posted on 04/27/2021 2:32:50 PM PDT by myerson
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To: thegagline

We are headed for a bust that’s going to make the 2008 crash look like a speed bump. Between overvaluation due to no inventory, interest free money being loaned out, and rising inflation something has to give.

Building material cost has already started slowing new construction residential side down in my locality already. Talked to a contractor here last week that said he priced a 2300SF house for someone a month ago and the materials for the same house had increased $25000 over that period.


62 posted on 04/27/2021 2:35:13 PM PDT by mtbrandon49
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To: myerson

It will bust. We sold in February for full price and now we are renting. If the market collapses, we are good but I don’t think it will because much of the movement is remote workers or people getting away from unsafe areas.


63 posted on 04/27/2021 2:37:35 PM PDT by AppyPappy (How many fingers am I holding up, Winston? )
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To: Thilly Thailor

“My modest little house in CA has been appreciating at a startling rate if one is to judge by Zillow’s notion value. I drive around my neighborhood, however, and nothing’s for sale. Makes no sense.”
**********************************************************
California? Proposition 13 may have a lot to do with that.


64 posted on 04/27/2021 2:38:48 PM PDT by House Atreides
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To: 2aProtectsTheRest

There are 114 homes in Tuscaloosa for sale. I think there are 700 real estate agents. Someone told me we could name our price for our place here. We will have 3300 sf after our bedroom addition is finished, another house with 1000 sf, and 36 acres of land, with a big barn and two other buildings. Maybe we can retire!


65 posted on 04/27/2021 2:39:19 PM PDT by Tuscaloosa Goldfinch (Abortion is just a new spin on human sacrifice by worshipers of self and selfishness. )
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To: thegagline

Ours has seen a big jump. Butt. If we sold it there’s virtually no place in town to buy since they are all $500K+ houses that are really $200k houses. You know what I mean. And they are throwing them up like no tomorrow.


66 posted on 04/27/2021 2:42:09 PM PDT by rktman (Destroy America from within? Check! WTH? Enlisted USN 1967 to end up with this?)
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To: qaz123

I don’t disagree. I moved to where I’m presently located because you got more bang for your buck. Now taxes are stupid.


67 posted on 04/27/2021 2:44:20 PM PDT by DallasGal (Le temps fuit sans retour )
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To: Tuscaloosa Goldfinch

Tell them $20 million cash and they can have it!


68 posted on 04/27/2021 2:46:04 PM PDT by 2aProtectsTheRest (The media is banging the fear drum enough. Don't help them do it.)
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To: Tired of Taxes

Well...ok


69 posted on 04/27/2021 2:46:35 PM PDT by stanne
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To: libh8er

Asians


70 posted on 04/27/2021 2:52:24 PM PDT by Chickensoup (Voter ID for 2020!! Leftists totalitarian fascists appear to be planning to eradicate conservatives)
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To: ProtectOurFreedom
I think people are very worried about extremely high inflation coming soon and real property is about the best way to protect you from that.

Bingo. People all over the world know the Globalists are devaluing all the money they can.

71 posted on 04/27/2021 2:59:37 PM PDT by T.B. Yoits
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To: T.B. Yoits

Yep, there’s no other way to get $30 TRILLION of debt under control


72 posted on 04/27/2021 3:13:59 PM PDT by ProtectOurFreedom (Real happiness is one that you share)
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To: CA Conservative

And within CA, people are fleeing the cities for the suburbs and rural-ish areas that might have more schools actually open. Placer County (near Sacramento and Lake Tahoe) reopened schools early on (by CA standards) and that county is #1 in growth I think in the state.


73 posted on 04/27/2021 3:17:08 PM PDT by olivia3boys
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To: 2aProtectsTheRest

Two colleagues listed their house in Downeast Maine. Within 12 hours they had a cash offer at the listing price. The buyer lives in New Mexico and purchased their home sight unseen. Later in the day of that offer, three more offers came in at the listing price.

They tried selling the house several years ago and had no offers.


74 posted on 04/27/2021 4:34:31 PM PDT by Maine Mariner
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To: ProtectOurFreedom
Look at the US Debt Clock app....in four years it will be $50 trillion. In eight years it will be $88.6 trillion with debt 277% GDP.

We need to print more money to pay off this debt. /s

75 posted on 04/27/2021 4:49:59 PM PDT by Repeat Offender (While the wicked stand confounded, call me with Thy saints surrounded.)
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To: 2aProtectsTheRest

It’s crazy and none of the young people can afford houses because of these California people buying homes way above the asking price many without even seeing the properties. Dumps selling for a million dollars. We need one of our miserable hot Texas summers so they will cool on this insanity.


76 posted on 04/27/2021 4:52:26 PM PDT by dandiegirl (BOBBY m)
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To: glorgau

You can sell for a price over your asking, but where are you going to go? That’s the problem.


77 posted on 04/27/2021 4:53:58 PM PDT by dandiegirl (BOBBY m)
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To: olivia3boys

Idaho is passing a law OUTLAWING that marxist “Critical Race Theory” from public schools. I think it is on the Governor’s desk today.

I think more people are going to flee the states with the infernal, hate-America, hate-Whitey CRT and move to sane states that don’t teach that crap to our kids.


78 posted on 04/27/2021 5:51:48 PM PDT by ProtectOurFreedom (Real happiness is one that you share)
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To: Repeat Offender

Remember all the hand-wringing just a few years ago when debt was hitting 100% of GDP? It was catastrophe, the end of the world.

The numbers you provided are really scary. Who will buy that debt? What happens when interest rates notch up a small fraction of a percent? What happens to the dollar?

Another FReeper I was chatting with a few days ago is shorting the US Dollar.


79 posted on 04/27/2021 5:53:58 PM PDT by ProtectOurFreedom (Real happiness is one that you share)
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To: 2aProtectsTheRest

Great idea :-)I think I could manage to get by on that.


80 posted on 04/28/2021 7:09:55 AM PDT by Tuscaloosa Goldfinch (Abortion is just a new spin on human sacrifice by worshipers of self and selfishness. )
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