Kenny Polcari: America is witnessing the biggest disruption to sweep across the country’s real estate market in 175 years.
And this time it’s not just the usual suspects like New York, L.A. or San Francisco at the epicenter of this disruption. It’s happening in small cities like Boise, Meridian, Spokane and Austin that are upending the entire $43 trillion real estate sector as we know it.
It’s in America’s heartland, where home prices have exploded over 50%.
Houses that once went for $600,000 are turning into million-dollar moonshots.
The headlines of recent months tell the story, and they’ve been everywhere!
Markets Now: “Housing Is the Economy’s Energizer Bunny: It Keeps Going and Going.”
Bloomberg Businessweek says, “Yes, Real Estate Prices Are Soaring, and no, It’s not a Bubble.”
Markets Now runs with the headline, “The Housing Market Is So Hot, Buyers Are Paying $1 million over the Asking Price.”
That’s right. In the space of just three months, over 310 homes have sold for $1 million over the asking price.
And 146 new “million-dollar cities” were added in 2021 alone.
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