Heavy machinery prepare land in Mesa for the Desert Place community, Thursday, Jan. 10, 2013. [Tim Hacker/Tribune]
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The Banks sold house the last 2 years without kitchens, without wiring, broken out windows, bad roofs, bug infested, missing A/C Units, No Appliances, and in the worst cases missing walls, missing piping...etc. They use those prices to compare to the better houses they held and are selling this year and say prices went up, maybe if they compare apples-apples but they are looking at raw Bed/Bath/Price values and SF and saying they went up.
Why would anyone pay 35 percent more for a home now. As soon as interest rates go up 2 percent all that gain will be gone. When they return to normal levels home prices will be lower than 2010. It's called a dead cat bounce. Every burst bubble has one. Keep your cash in hand. Our nation can never pay back 16 trillion dollars let alone 20 or 30, some say our debt is closer to 75 trillion when factoring in SS and medicare debt.
A few random thoughts!1.If WP Carey stats are correct does that mean assessed values will increase 3.55% and revenues correspondingly2.Since the banks are cooking the books hiding negative equities ; which by definition should be less negative if prices increased by 35%; and foreclose on more homes since their negative equity is less and their balance sheets will look better.These are fun times "liars figure and figures lie"
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