FAST FIVE: Home Prices Are Soaring So Fast, They Are Negating The Benefits Of Low Mortgage Rates
Of course, the frenzied state of the American real estate market is nothing new.
According to Case-Shiller, US home prices in 20 major cities are up a shocking 11.10% year-over-year.
But outside the major metro markets, demand was even stronger, translating into the biggest YoY increase in median sales since 2006.
Thus far, the housing boom has been so widespread in part due to low mortgage rates, which have made mortgages more affordable, and more obtainable, for middle-class Americans.
In other words, it's one thing when ritzy markets like NYC and San Francisco see home prices boom.