The New CS Board

[jumanji0881]

We Have Never Seen A Home-Buying Frenzy Quite Like This : https://www.zerohedge.com/personal-finance/we-have-never-seen-home-buying-frenzy-quite

My Comment : This insanity will not end well -

Excerpts:
Could you imagine listing your home for sale and having nearly 100 offers in just three days? This sort of thing is actually happening in hot real estate markets all over America right now. Even though we are in the midst of the worst economic downturn since the Great Depression of the 1930s, we are witnessing a frenzy of home buying that is unlike anything that we have ever seen before. Of course one of the biggest reasons why this is happening is because of the utterly insane economic policies of our leaders. They have been creating, borrowing and spending money like there is no tomorrow, and that pushed M1 from 4 trillion dollars to 18 trillion dollars in just 12 months. All of that money had to go somewhere, and one place where it is showing up is in home prices in desirable rural and suburban locations around the country.

For example, a “fixer-upper” in a desirable suburban community outside of Washington D.C. was listed for sale on a recent Thursday for $275,000. On Sunday evening, 88 different offers had already been made on that property…

Ellen Coleman had never received so many offers on a house in her 15 years of selling real estate.

She listed a fixer-upper in suburban Washington, DC for $275,000 on a Thursday. By Sunday evening, she had 88 offers.

It eventually sold for $460,000, which was $185,000 above the listing price.

Isn’t that nuts?

But now that hyperinflation is hitting housing prices, a lot of middle class and poor people will be priced out of the market.

The wealthy and the ultra-wealthy will have no problem making offers on homes that are way over market price because they have lots of money.

But the vast majority of Americans that are living paycheck to paycheck will find that their options are now greatly limited.