With Home Prices Soaring Shoppers Fear Buying At The Top Of Bubble – OpEd – Eurasia Review
By Doug French*
Google reported in April that the search question “When is the housing market going to crash?” had spiked 2,450 percent in the past month, according to Diana Olick of CNBC. “Why is the market so hot?” searches had doubled in just a week.
Since 2008, everyone has been on bubble watch. The price of anything goes up, for any sort of reason, and it’s deemed a bubble, soon to be popped. The large number of searches implies those shopping for a new home are wondering if they are walking into a trap. Home prices have soared and no one wants to buy at the top.
Olick wrote, “And, in the most telling indication that the market may be in a bubble, ‘How much over asking price should I offer on a home 2021’ jumped 350% in that same week.”
However, home construction over the past decade has lagged behind, as many builders went belly-up in the 2008 crash and…