Many people mistakenly believe housing prices have surged out of control in recent years and may have peaked. The reality is that in most areas they are only back to the levels they hit previously in 2006.
More importantly, if we adjust for inflation since 2006, housing prices are actually 16% below their 2006 peaks in most areas (according to a Tuesday WSJ article).
Lastly, many economists, including Fannie Mae’s and Trulia’s Chief Economists, are saying that the demand for housing remains as strong as ever and that recent rate increases will have a minimal effect.
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