by Chris Black
We have seen things never before seen in the history of the USA.
Homes have never appreciated in value so much is such a short time.
You aren’t talking 20% over a year. It has been 20% per month in many locations.
I’ve seen homes go on the market for $275k sell for $400k, and then any other similar home going up list for $380k hoping to get $450k.
Affordable areas jumped to the same prices as homes in upper class gated communities from two years ago.
Never before in history have ten year old common used cars with 100k miles on them sold for more than they did new, and in fact sell for more than a brand new model.
Used 2012 Corollas that sold for $16k new are being priced at $22k.
They won’t sell if the interest rate on a car loan is 38%.
The same with overpriced homes.
This isn’t the 1970s.
We are rapidly closing in on the Weimar Republic.