Increased property values are more an indication of true inflation. Modern building codes make new home construction higher cost per square foot and a rising tide raises all boats.
There are indicators showing it's not purely inflation. Home price to income ratio is one. That's higher than 2007 levels. Home prices have also shown a much higher increase than many consumer goods. So in my humble opinion, it's due for a correction, and the higher mortgage rates combined with the effects of lay offs will be the catalysts.
Interest rate changes are said to have delayed effects. They take time to impact the market, but they do work eventually.
They have been hiding true inflation with immigrant labor. At one time in the late 70's - early 80's a 1,000 s.f. house frame paid enough to buy a new 1/2 ton full size pickup truck. 2 journeymen could frame that house in 1 week. Thus, 2 weeks wages for a new truck. Housing prices we similar and have increased accordingly. The onslaught of workers drove wages way down and the developers made massive profit because they never reduced the price of the goods and services in conjunction. They put that money in their pocket and bragged about how good of business men they are. They're thieves and manipulate the markets for personal gain
But the prices can't keep going up without easy money. It's like the price of education and student loans. The government keeps increasing the loan amount and the schools can keep increasing the price / spending they do. The scammy University of Phoenix has their program (last I checked) at exactly the amount of money you can get for loans as a grad student from the government XD.
... "Lakovich"
I don't get it. Is this supposed to be some kind of place for humans to thrive?
Yes, and for only $300,000 dollars. \s
I wouldn't pay that for a small place in Fresno, let alone Phoenix near mobile homes. Bad weather and bad neighbors for $300K.
Rent cheap. It's smarter. Use any money you have to generate more money. Not sink it into real estate.
Location, location, location.
Mobile Ln in Phoenix. It appears it's named that for the many mobile homes there.
Cool.
I was also citing the old joke about the only three things you have to know to be a realtor.
Increased property values are more an indication of true inflation. Modern building codes make new home construction higher cost per square foot and a rising tide raises all boats.
There are indicators showing it's not purely inflation. Home price to income ratio is one. That's higher than 2007 levels. Home prices have also shown a much higher increase than many consumer goods. So in my humble opinion, it's due for a correction, and the higher mortgage rates combined with the effects of lay offs will be the catalysts.
Interest rate changes are said to have delayed effects. They take time to impact the market, but they do work eventually.
They have been hiding true inflation with immigrant labor. At one time in the late 70's - early 80's a 1,000 s.f. house frame paid enough to buy a new 1/2 ton full size pickup truck. 2 journeymen could frame that house in 1 week. Thus, 2 weeks wages for a new truck. Housing prices we similar and have increased accordingly. The onslaught of workers drove wages way down and the developers made massive profit because they never reduced the price of the goods and services in conjunction. They put that money in their pocket and bragged about how good of business men they are. They're thieves and manipulate the markets for personal gain
But the prices can't keep going up without easy money. It's like the price of education and student loans. The government keeps increasing the loan amount and the schools can keep increasing the price / spending they do. The scammy University of Phoenix has their program (last I checked) at exactly the amount of money you can get for loans as a grad student from the government XD.
Just like how landlords set apartment rent increases equal to Social security payment increases. Diluted labor cost = easy money (for the rich)