The Case-Shiller home index rose by 5.4% for the month of March, spearheaded by gains in the northwest and also a seemingly lack of supply for quality locales.
If you traversed the mid section of these great states, you’ll find wanton homes for sale, mostly undesirable to coast hugging elites. The shorelines have been bought up and now these choice locations are simply running away in value.
“The economy is supporting the price increases with improving labor markets, falling unemployment rates and extremely low mortgage rates,” David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, said in a statement.
Limited supply of homes on the market is also supporting price gains, he said.
The biggest gains continue to be found in the Pacific Northwest and West, where some of the largest declines in urban unemployment have been seen, Blitzer noted.
The pace of home price appreciation ticked up from February in Portland, Oregon, which saw prices rise 12.3 percent year over year. Seattle and Denver took second and third place after Portland with 10.8 percent and 10 percent increases, respectively.
For the life of me, I can’t think of a single thing that could go wrong.
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If most buyers pay cash, I agree nothing can go wrong.
If most buyers finance, if something prevents most from paying the mortgage (or getting one), this can be what goes wrong.