June 23, 2017
THE CRASH WAS THE BUBBLE:
Home prices are sky high, but mortgages are still cheap (Kathryn Vasel, June 23, 2017, CNN Money)
The median existing home price climbed to $252,800 in May, according to the National Association of Realtors, exceeding the peak hit in June 2016 of $247,600.At this point, home prices have been rising every month for more than five years. [...]Cities across the U.S. are facing major housing shortages, which means buyers have to compete for homes with bidding wars and offers well above asking price."Prices are moving up and properties are moving quickly," said Danielle Hale, NAR's managing director of housing research.Builders aren't building enough houses to keep up with demand and current homeowners are hesitant to list their properties because they're worried they won't be able to buy a new home."We have tremendous demand for housing, but there is nothing available to buy, said Keith Gumbinger, vice president of HSH.com.
We're going to need an awful lot of immigrants to build all the homes we need.
Posted by Orrin Judd at June 23, 2017 6:45 PM