The Housing market/problem continues to escalate. Home prices are soaring across the nation due to a lack of supply, people migrating from larger cities with higher taxes to medium cities with lower taxes, and of course...inflation.
You can see below the chart from @zerohedge the YoY increase I was just talking about.
Mortgage rates are starting to increase (even though Powell and his Pals at the Federal Reserve say rates are not rising anytime soon) across the board and the migration from larger cities are only making this problem worse. Just yesterday you can see from the census and decrease of congress seats in certain areas the impact this is going to continue to have for those states regarding decision making, funding, and tax dollars.
The geographical dynamic of this country is changing right before our eyes and only impacting this housing issue further in those parts of the country. The lack of supply (due to those not moving affected from the pandemic) only increases this problem as there is noone to sell to those who are migrating to those new locations.
And then you have inflation. Our favorite problem. It is not a problem according to Powell and his Pals, but look at this. Prices paid are skyrocketing. Check the charts below of the commodities...for the Fed to act like inflation is not happening in front of their eyes to the public is a slap in the face to the American people and a disservice to them for not putting the correct information in front of the public.
Don't tell me inflation is not starting to peak it's head and become a problem
Lumber
Corn
Wheat
Soybeans
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Love it! The population trends telling the true story.
And wow, commodity prices surging. The lumber thing I knew, being in real estate, but wow to the rest!
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the lumber pricing is absolutely insane...and being the commodity used for home...just inflates the housing even more
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Prices are up over 50% here in Canada. My neighbor put his house up for sale at $800 k... he got $400k over asking .... $1.2 Million for a 4 bedroom in Suburbia . It is crazy. And people are paying with cash. Thanks to Shopify, Tesla and Bitcoin.
Holy Cow. That is incredible. The younger generation and first time homebuyers are definitely being priced out of the market
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