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Rising Home Prices: Is Another Ventura County Bubble in the Making?
Rising Home Prices: Is Another Bubble in the Making? Summer 2017 We are now seeing record high selling prices for homes in many markets of California and the nation.
The sky high home values that seemed unbelievable back in 2007 have now been eclipsed in many of the larger markets of the state. The markets in the Bay Area now boast the highest values and record fast sell times.
Demand Conditions Employment is strong throughout the state. In all coastal counties, the unemployment rate is now at the full employment level, meaning that job opportunities are relatively abundant and wages are rising. The average rate for a 30-year fixed mortgage was 3.83% this week — significantly below the 5% to 6% range during the 2005 to 2007 “bubble” years. In fear of facing higher interest rates because of overt statements by the Federal Reserve to push rates higher in a measured fashion, demand for mortgages has increased. Because consumer confidence in March was at its highest level since 2000, people in general are feeling very confident about their employment prospects, their future income prospects, and the stability of the economy right now. The financial market composite indices are at or near ... more
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