$5.4 Trillion in Home Equity Separates U.S. Housing Optimists & Pessimists

Pulsenomics

The latest edition of the Zillow Home Price Expectations Survey was published this morning. A panel of more than 100 experts has updated their expectations for national home price growth rates through 2021. According to widely cited price indices, nominal home values have already eclipsed (or are close to surpassing) their pre-crash peak levels. And…

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Households Ditch The Rear View Mirror

Pulsenomics

Real estate is a notoriously inefficient asset class. One symptom of market inefficiency is price inertia, a hallmark of housing markets. However, a comparison of actual U.S. home value changes in the recent past to expected changes for the near future (see below chart) suggests that as households ride the road to real estate recovery,…

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