The Standard & Poor’s CoreLogic Case-Shiller 20-city home price index was released on Tuesday. It’s the “leading measures of U.S. residential real estate prices, tracking changes in the value of residential real estate both nationally as well as in 20 metropolitan regions.” There’s some good news and some bad news. The good news is home prices continue to skyrocket so if you own a few homes and want to sell off one, your investment is up! The bad news is that no one’s income is increasing anywhere near the same rate!
The Standard & Poor's CoreLogic Case-Shiller 20-city home price index released Tuesday rose 5.9 percent over the past 12 months ended in March, the most since July 2014. Home values are increasing at more than double the pace of average hourly earnings, making it more difficult for many people to afford to buy a home.
One of the reasons for this is that there are less homes on the market—people are staying in … their homes. There’s also a higher demand as the economy has been steadily improving since the last disastrous Republican administration and so more people would like the chance to own a home … to live in. Right now, Oregon is seeing the largest rise in prices while places with insane housing markets like New York City are still just run-of-the-mill insane.