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Home Prices Are Unstoppable, Will They Stay That Way?
By: The See Team
Home prices grew in the latest S&P CoreLogic/Case-
"Home price increases appear to be unstoppable,"
Is there an end in sight? According to Blitzer, home prices have come back since the downturn—and then some—but how long they sustain their trajectory remains to be seen.
"The ongoing rise in home prices poses questions of why prices are climbing and whether they will continue to outpace most of the economy," says Blitzer. "Currently, low mortgage rates, combined with an improving economy, are supporting home prices. Low interest rates raise the value of both real and financial long-lived assets.
"The price gains are not simply a rebound from the financial crisis," Blitzer says. "Nationally and in nine of the 20 cities in the report, home prices have reached new all-time highs; however, home prices will not rise forever. Measures of affordability are beginning to slide, indicating that the pool of buyers is shrinking. The Federal Reserve is pushing short-term interest rates upward and mortgage rates are likely to follow over time, removing a key factor supporting rising home prices."
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