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No end to real estate boom says Harvard report

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While many speculators have pitched the idea of a real estate bubble that they claim is ready to burst, Harvard University economists recently released a report stating the exact opposite, according to a Washington Post article. The report states that housing prices have been rising steadily over the last 13 years, with the largest increase being in 2004, says the Joint Center for Housing Studies. There are some negative side effects, of course, to rising housing prices: Increased property taxes, which some cities are trying to reign in, and increased prices for the would-be first-time homebuyer make it harder for them to own, according to CNN/Money. Prices are not likely to fall anytime soon, according to the report.

-John Mudd
“Mr. Real Estate”

About Mr. Real Estate

  • Albanesse

    “increased prices for the would-be first-time homebuyer make it harder for them to own”

    harder… how can someone buy a starter home for upwards of $650,000 in my area. Prices are not true to what these houses are really worth. I live on Staten Island In NYC and the prices here ar insane. Right now townhouses two blocks from my house are going for $650,000 and I saw these being built… they did not use the materials for a $650,000 house. Hell, my house is worth around $800,000!

  • http://insiderealestatejournal.blogspot.com Mr. Real Estate

    I sold a house in St. Pete Beach on the water in December for $800,000. Homes in that area now go for more than $1 million. If you’ve got money or equity, buying is no problem in today’s hot market. Of course, a lot of people are buying with 100% financing, which is leaving apartment complexes nearly vacant and making available homes to buy scarce. All of that contributes to price increases.

    The prices are true, and they’ll keep going up until the availability of money and/or mortgages to buy with disappear, because that’s when people will stop buying as often as they are now.