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Home Prices Rise At Record Pace In November

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EDITOR'S NOTE: CoreLogic’s home price figures confirm raging inflation in the housing market. As you might expect, some states are worse off than others. For instance, home prices in Arizona jumped 28.6% year over year, while the national average stands at around 18.1%. As the Fed hits the brakes with a series of rate hikes, mortgage rates will likely spike, driving down demand, and eventually, prices. A simple solution, it seems. But the experience of the effects might be anything but simple; certainly not easy. What are the myriad ways in which we’ll be affected by spiking rates amid runaway inflation; or, amid the ongoing pandemic? What will happen to the broader stock market, to loans (car loans, student loans, etc.) and those who hold them, to businesses and the jobs they create? A simple yet dreadful solution, austerity certainly is—especially when the economy is “hooked: on a steady “fix” of cheap money.

  • Home price growth especially strong in Mountain West and Southeastern states
  • By November 2022, annual home price growth is predicted to slow to 2.8%

Yes, US home prices continue to rage with CoreLogic’s home price index rising 18.1% YoY.

Photo: Confounded Interest

Their forecast for 2022 is only 2.8% YoY likely due to forecast mortgage rate increases and fiscal stimulus wearing out.

Arizona, of course, is leading at 28.6% YoY. Florida is in second place followed by Idaho.

Photo: Confounded Interest

Slowdown? Let’s hope the slowdown doesn’t turn into a Matchbox and lead to declining home prices.

Photo: Confounded Interest

Originally posted on Confounded Interest.

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