ARE HOME PRICES RISING TOO FAST?? Opinion by Steve Brown, Real Estate Editor, Dallas Morning News "Ok. It’s time to worry. After more than 30 years of covering the local real estate business I’ve never seen a home market like this one. The pace of home price increases in North Texas is unprecedented and unsustainable. And the quicker the market cools down, the better it will be for everyone. At first, big gains were understandable. Our housing market – like almost everyone across the country – lost value during the housing bust and recession. But the latest surveys show that the Dallas area has recouped everything lost. Median home prices are at an all-time high and still surging ahead. The median price of homes is now about 40% higher than it was in January 2009." Dr. James Gaines, an economist with the Real Estate Center at Texas A&M University, disagrees. “We are simply making up for several years of lost appreciation.” But if home prices continue to rise as fast into 2014, then Gaines will be concerned. He said, “But I don’t think that will happen.” - Dallas Morning News, August 16, 2013
Posted on: Sun, 18 Aug 2013 19:41:03 +0000
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