US housing market prices, in a number of larger cities mainly, were pumped up via sub-prime loans, which evaporated in 2008.mecheng wrote:I'm hoping we have a US style crash people need a reality check when the avg house price is $450k....
Each market place (LA, Chicago, etc) can be different, but one needs to assess their local area. Some of these "home sales" have been via hedge funds and investment banks, and this skews the reality, and tends to up overall price on available homes.
Over in Honolulu, they suggest a "Sellers' Market: Honolulu Homes Selling For Above List Price." In the lower-end homes below $1 million, this has been the basic pattern. But, these real estate talkers' data only represents what has actually sold. There are homes that sit, and go off the listings, and on higher end homes, price given can be below what is asked. So, that headline is misleading, and of course, was created via real estate industry. There are still vacated homes there from the sub-prime fall-out that bankers have not sold yet. Honolulu market, btw, is unreal...during sub-prime years, house prices went ballistic...your basic home runs from around 300,000 to 800,000.