Last week in my Sunday paper, I spotted yet another great article by Chicago Tribune real estate reporter Mary Umberger. It was an interview with Glenn Kelman, chief executive officer of Redfin, a real estate brokerage doing business in 20 U.S. housing markets.
Apparently, Redfin recently ranked 15 major metropolitan areas it perceived as most- and least-vulnerable to experiencing another housing bubble. Kelman told Umberger:
We’ve looked at several factors: income to home-price ratios, ratios of sale price to listing price, the frequency of flips (resales within 18 months of purchase), incidences of bidding wars, and rates of going under contract within two weeks of listing.
From looking at those things, we think there are four markets that are in mini-bubble territory, at risk of price correction: Washington, Los Angeles, San Diego and San Francisco.
At the other end of the list, the least likely to see a correction is Atlanta, followed closely by Chicago, Las Vegas and Dallas.
A new housing bubble. Something I’m starting to hear more of these days.
Anyone remember “crash prophet” Peter Schiff’s warning from last September? I blogged on September 18, 2012:
In his September 14 entry on the The Schiff Report YouTube video blog, Schiff, who correctly-predicted the bursting of the U.S. housing bubble and 2008 global economic crisis, explained to viewers what QE3 was really about:
This is the plan that Ben Bernanke has. Ben Bernanke’s plan to revive the U.S. economy, and create jobs, is to inflate another housing bubble. That’s it. That’s what the Fed’s got. That’s what it came up with. As if the last housing bubble worked out so well for the economy, that the Fed wants an encore.
You can read Umberger’s entire exchange with Redfin’s Kelman on the Tribune website here. Interesting stuff.
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
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