The house is up fo sale

[MileHighGrowler]

(10-11-2021, 12:39 PM)fredtoast Wrote: We shut down half of our businesses and the stock market hit record highs just because the government created $6 billion out of thin air.

You don't think there will be any "correction" for this?

We were hit here with that the same way.  And yet, we still have a shortage of homes and the demand is still there, so the numbers keep going up.  And interestingly enough, the economic impacts and fears have caused the market to jump even higher because less people are wanting to sell/move.  If there's a correction, I think it's going to be that the rise slows down, not that it quits.  I only speak for the area I live in, but our prices have gone up consistently 5-15% YOY for well over a decade.  The last housing crash caused those numbers to flatten for a couple of years, and then it was back to climbing again.  

The last housing crash was also related to the way mortgages were approved, which is not what is being seen now.  The fear now is that the actual assessed home value will drop to below what was secured through a loan (not because it was a bad loan), but there are a lot of things that need to happen for that.  And given the equity you can build on a home that's increasing in value even 5% a year is remarkable and it's very little wonder people are so interested in buying vs renting.