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Home prices surge by most since 2006

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Posted By: NorthernDog, 4/27/2021 12:30:10 PM

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

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In our area the bidding wars are crazy - $50K over asking price isn't too unusual.

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Reply 1 - Posted by: Thos Weatherby 4/27/2021 12:48:46 PM (No. 768654)
Here in Austin it's viral in a real estate sense. A bid $129k OVER asking price and you end up in third place. Our new home 4 1/2 years ago has nearly doubled in price. We need a Prop. 13 here in Texas.
3 people like this.

Reply 2 - Posted by: earlybird 4/27/2021 12:53:07 PM (No. 768660)
Don’t know where OP is, but the same thing is happening in our area. Very little product on the market; bidding wars for those that are and sellers are getting much more than even their high asking prices.
3 people like this.

Reply 3 - Posted by: planetgeo 4/27/2021 1:03:46 PM (No. 768668)
It's not just because wealthy urban types are escaping to suburban and rural towns that's driving up home prices. It's also the skyrocketing prices of lumber and building materials for new homes, caused by Biden's (and the Democrats') inflationary economic and taxing policies. It's a vicious circle that happens when leftists are in charge. For some reason the people who vote for them never seem to see the connection.
15 people like this.

Reply 4 - Posted by: Ribicon 4/27/2021 1:13:41 PM (No. 768676)
Inflation is a myth.
1 person likes this.

Reply 5 - Posted by: Venturer 4/27/2021 1:19:16 PM (No. 768681)
Has anyone seen the price of 2X4's? Maybe that has something to do with the price rise. $8.50 for one 2X4 is criminal. Plyboard is outta sight.
9 people like this.

Reply 6 - Posted by: downnout 4/27/2021 1:27:47 PM (No. 768692)
The crash is going to extremely ugly.
6 people like this.

Reply 7 - Posted by: chance_232 4/27/2021 1:58:08 PM (No. 768724)
Re#6. ..... Thats why I ended up buying a townhouse for my mother instead of a house. Everyone was fighting over limited homes and driving the prices sky-high. Everyone ignored the townhouses for a while. I refuse to pay top dollar today when I know the foreclosures are going to go thru the roof and drive prices down soon......very soon. Unless the treasoncrats come up with another bailout.
4 people like this.

Reply 8 - Posted by: Bur Oak 4/27/2021 2:31:48 PM (No. 768745)
... and bubbles always burst.
3 people like this.

Reply 9 - Posted by: red1066 4/27/2021 3:15:50 PM (No. 768777)
Repeat of 2008 coming.
3 people like this.

Reply 10 - Posted by: reefdiver 4/27/2021 4:49:49 PM (No. 768843)
More homeless coming.
1 person likes this.

Reply 11 - Posted by: Dodge Boy 4/27/2021 5:40:49 PM (No. 768882)
We just sold our first house in west Denver for well north of $500k. Bought it in early 1977 for $37k. As nice a property as it is, no way it is worth $500k, IMO. But, desperate buyers willingly do desperate things. Even the mortgage lenders are desperate to lend the money.
4 people like this.

Reply 12 - Posted by: fishbone 4/27/2021 6:46:51 PM (No. 768944)
Something else to consider is that much of this price inflation is driven by foreign investment firms attempting to "buy American". It's pricing the young first time buyers out of the market. The losers of the bidding wars will become homeless or renters of foreign landlords who will have ZERO interest in keeping up the properties ... interested only in the benjies.
0 people like this.

Reply 13 - Posted by: or gate 4/27/2021 6:53:11 PM (No. 768951)
You can't pay people to not work.. Hello inflation
0 people like this.

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