Home Prices Hit Record Highs In Two-Thirds Of US Cities As Manhattan Rents Collapse

Zero Hedge | 2/15/2018 | Staff
vpp1219 (Posted by) Level 3
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Even as sellers in high-end markets like Manhattan, London and Greenwich, Conn. are being forced to pull their inventory from the market because of a paucity of offers (this despite the "wealth effect" that one might've expected to arise from rallies in stocks and bitcoin), home prices in two-thirds of US cities climbed to record highs during the fourth quarter as developers' preoccupation with luxury housing has left buyers in mid-priced markets battling it out for a record-low supply of listings...

Prices for single-family homes climbed 5.3% from a year earlier nationally, reaching a peak in 64% of metropolitan areas, according to the National Association of Realtors. Of the 177 regions in the group’s survey, 15% had double-digit price growth, up from 11% in the third quarter.

Bloomberg - Job - Market - Prices - Flood

Meanwhile, Bloomberg claims the steadily improving job market has helped drive prices higher (we imagine the flood of money-creation by central banks also had something to do with it).

The man who predicted the collapse of GM, Fannie, and Freddie says the next big bankruptcy is going to catch everyone by surprise. Learn more here.

Bloomberg

Here's Bloomberg:

Home values have grown steadily as the improving job market drives demand for a scarcity of properties on the market. While prices jumped 48 percent since 2011, incomes have climbed only 15 percent, putting purchases out of reach for many would-be buyers.

Price - Gains - News - Homeowners - Time

The consistent price gains “have certainly been great news for homeowners, and especially for those who were at one time in a negative equity situation,” Lawrence Yun,...
(Excerpt) Read more at: Zero Hedge
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