How High Before The "Experts" See The Truth?
CNN Money reports that the highest priced areas of the US are zooming up, going against the expected slowdown scenario predicted by the NAR. "The NAR's quarterly report covers 136 metro areas. A record 66 of these have experienced double-digit jumps in home prices over the past year."
Instead of recognizing that the huge increases are signs of a bubble, the same lame reasons are trotted out. "'We simply don't have enough homes on the market to meet demand,' said David Lereah, the NAR's chief economist."
One has to wonder how high the boom has to get before the NAR will admit they are wrong? This was supposed to be the year of 'leveling off', but instead we see double digit gains in areas that were already overpriced. Here is a ranking of the cities.