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How are builders able to build so many homes? How are low to middle income families able to afford all these homes? If the economy is dancing on the edge of a depression like some believe, how are people affording all these homes? These are not all rich people buying homes. The data shows it is across the board with a special surge in first time home buyers and move up homes.
We are high on stimulus money. Think of it like a cocaine rush. The rush is great until the high wears off. Then you need more of the drug to get back to that feelgood state. I admit I'm fascinated to see what will happen the next 1-2 years with the economy and the aftereffects. I think a segment of people think there might be destruction of the currency so they want hard assets as opposed to paper assets. The richest people in the world also have a ton of money, and real estate is one of the avenues they target.
People can afford more home, people can work remotely, people do not want to go though more shut downs in an apartment, people are getting out of blue cities like SF and NYC.
Record low mortgage interest rates combined with low inventory in hot markets, a perfect recipe for price madness. Real estate agents are drooling.
There is low inventory right now jacking the prices up. New construction might be just getting back on board. But those folks were home too. Wait on the eviction and foreclosure season to start.
How are builders able to build so many homes? How are low to middle income families able to afford all these homes? If the economy is dancing on the edge of a depression like some believe, how are people affording all these homes? These are not all rich people buying homes. The data shows it is across the board with a special surge in first time home buyers and move up homes.
Have you checked the interest rate lately?
How could housing not be on fire when a 30-yr fixed rate is 2.75% with no points?
This is the Feds pumping up the economy. You are witnessing Keynesian principles at work. Enjoy the show.
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