The resounding echoes of history are growing louder, as the U.S. housing market finds itself teetering on the brink of a crisis hauntingly reminiscent of the 2008 housing crash. To the dismay of hopeful homebuyers, property prices have been soaring relentlessly, showing a seemingly invincible resistance to even the highest mortgage rates witnessed in almost 23 years. The real estate landscape is now shaking under the weight of this alarming situation.
July brought yet another disconcerting surge in property prices, as revealed by the S&P CoreLogic Case-Shiller home price index. In this disquieting scenario, 19 out of 20 markets reported month-over-month gains. The National Association of Realtors (NAR) joined the chorus of concern, disclosing that median home prices in August had surged by approximately 4 percent year-over-year. These record highs for July and August serve as a stark reminder of the precarious state of the market.
The sense of impending crisis has been underscored by none other than Cathie Wood in her latest episode of “In the Know.” The renowned financial analyst’s concerns resonate with those of many experts in the field, highlighting the gravity of the situation.
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