Article

2021-03-31 Economy

Home prices saw largest annual gain in nearly 15 years

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Posted by Besoeker 2021-03-31 01:34|| || Front Page|| [5 views ] Top

#1 Low (but rising) mortgage rates: The average 30-year mortgage rate hit a record low (2.67%) the week of Jan. 7.
Yes, but: Rates are currently at 3.17%, contributing to the slowdown in mortgage applications.

Back when I bought my house, the interest rates were 10%. This is all being fed by loose money from the Federal Reserve. Rising prices the sign of more money chasing fewer assets - aka inflation signs with a speculation bubble. Expect the Fed to create another ~~depression~~ "great recession".

Posted by Procopius2k 2021-03-31 07:20|| 2021-03-31 07:20|| Front Page Top

#2 Of course building materials have roughly doubled over the past two years, pushing the cost of new construction up even faster than existing home prices.

Posted by Glenmore 2021-03-31 11:17|| 2021-03-31 11:17|| Front Page Top

#3 Indeed, low rates don't hurt. I hope they were smart enough to not get variable rate loans.

Bubble anyone?

Posted by Clem 2021-03-31 11:22|| 2021-03-31 11:22|| Front Page Top

#4 Bubble, certainly, maybe even a "Craze".

Posted by magpie 2021-03-31 12:21|| 2021-03-31 12:21|| Front Page Top

#5 Price of building materials is ridiculous.

Posted by swksvolFF 2021-03-31 15:02|| 2021-03-31 15:02|| Front Page Top

#6 All those people fleeing blue states, with money to burn and a need to move right now. Once they’re settled in, this silliness of multiple offers well above asking price will calm down.

Posted by trailing wife 2021-03-31 17:03|| 2021-03-31 17:03|| Front Page Top

#7 It's the low supply, TW. With economic uncertainty - but looking up, most aren't trying to upgrade as usual. Daughter is a Realtor and she can't get enough houses

Posted by Frank G 2021-03-31 19:06|| 2021-03-31 19:06|| Front Page Top

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