Home News The Most Splendid Housing Bubbles in America, May Update: Mania at the Eve of Holy-Moly Mortgage Rates

The Most Splendid Housing Bubbles in America, May Update: Mania at the Eve of Holy-Moly Mortgage Rates

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I bought it in a panic when the mortgage rate averaged 3.2% to 4.2% just before the spectacular surge.

To Wolfrichter For Wolf Street..

Home price data released today by the S & P CoreLogic Home Price Index represent an average of three months of closed home sales. Enter public records In January, February, and March, approximately in December, January, and February, raising funds with previously pre-approved mortgages, reflecting transactions agreed a few weeks ago, in advance. The rate lock was set from the time of approval. ..

These interest rate locks are based on interest rates valid from November to February, with a 30-year average fixed rate ranging from 3.2% to 4.2%, most often below 3.8% (green in the graph). Box). These are the rates that funded home purchases as reflected in today’s home price index.

There are already many indicators that existing and new home sales markets are facing difficulties with current mortgage rates above 5%. Sales volume of existing homes decreased significantly, inventory increased When Dropped sales of new homes and record-breaking inventory..

But the data by S & P CoreLogic Case-Schiller Index was released today and is shown in the hair growth chart below months before market changes, instead fixing mortgage rates before crazy scrambles surge further. And it reflects the period of time to buy a home. , Any home, any price, before the rate lock from the previous month expires.

Crazy scramble at the time.

The March National Case-Shiller Home Price Index (average of transactions published in January, February and March) released today was up 2.6% year-on-year and up 20.6% year-on-year. Did. Year.

San Diego Metro: Prices for single-family homes rose 3.7% month-on-month and 29.6% year-on-year in March (January, February, and March averages). An index value of 417 means that home prices have risen 317% since January 2000, when the index was set to 100.

This price increase 4.5 times CPI inflation rate since 2000 (+ 70.3%). This spectacular surge since January 2000 has anointed San Diego at number one of the finest housing bubbles on this list, despite the plunge in the meantime, followed by Los Angeles (+ 310%). .. Seattle’s Incredibly Soaring Mania (+ 301%):

All charts here have the same index scale as San Diego.

Los Angeles Metro: The Case-Shiller index surged 3.3% from February to March, up 23.2% year-on-year. Home prices with an index value of 410 have soared 310%, despite plunging since January 2000, and have won the second finest home bubble on the list in the Los Angeles Metro.

Seattle Metro: House prices soared with the Holy Molly 5.6% that month, and the two-month soar was a good 10.2%. Year-on-year, the index surged 27.7%. House prices have skyrocketed 302% since January 2000 4.3 times CPI inflation rate:

It’s inflation in house prices.

The Case-Shiller Index is based on the “sale pair” method, which compares the price of a home sold during the current period to the price it had previously sold.Track the amount of money you spend on your purchase same Home over time (methodology). The index incorporates adjustments for home refurbishment. By measuring the purchasing power of the dollar to buy the same home, the index is a measure of home price inflation.

San Francisco Bay Area (Five counties, including San Francisco, parts of Silicon Valley, parts of East Bay, and parts of North Bay): Home prices rose 4.3% monthly and 24.1% year-on-year.

Miami Metro: The index surged 3.6% monthly and 32.0% year-on-year. This is near the top of Housing Bubble 1 in front of the epic residential bust and is the fastest since November 2005.

Tampa Metro: House prices surged 3.7% this month, up 34.8% year-on-year. This was a record surge in Tampa Metro, easily surpassing the crazy surge just before Tampa’s epic housing collapse.

Phoenix Metro: House prices soared 3.0% that month, up 32.4% year-on-year. This was slightly below the record year-on-year surge in the previous month and exceeded 30% year-on-year for the ninth straight month-a year-on-year surge:

Portland Metro: + 2.9% for the month, + 19.3% year-on-year:

Boston Metro: + 2.6% for the month, + 14.5% year-on-year:

Washington DC Metro: + 2.9% for the month, + 12.9% year-on-year:

Denver Metro: + 4.5% for the month, + 23.7% year-on-year:

Las Vegas Metro: + 3.1% for the month, + 28.5% year-on-year:

Dallas Metro: + 4.3% for the month and + 30.7% year-on-year:

New York Metro (A vast market within commuting distance to New York City, which Case-Shiller calls “New York Commuters”): + 1.6% monthly, + 13.7% year-on-year. With an indicator value of 263, Metro has experienced 163% home price inflation since January 2000, which is 2.3 times the CPI inflation rate.

20 Metro Cases The rest of the Schiller Index (Atlanta, Charlotte, Chicago, Cleveland, Detroit, Minneapolis) have all experienced significant home price inflation since 2000, but up to these greatest home bubbles. Has not been fully measured. Here, and they weren’t eligible for this glorious list.

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