In response to:

Where Have All Our Houses Gone

alopekos teumesios Wrote: Feb 03, 2013 6:21 PM
The supply of really good houses at good prices have dried up considerably since I began looking to buy over a year ago. I was fortunate to close on my coastal farm at a price that is nearly $100K less than what it was assessed for and much less than its formerly appraised value. The 200-year-old farmhouse needs a ton of work, but it may be a once in a lifetime opportunity to live on several acres of ocean view land at my income bracket. On the other hand, I still need to sell my less desirable home in the Peoples' Republic of New Jersey to escape from this state before I can retire.

Did you read the story home prices are up due to falling inventory? Case-Shiller just reported home prices were up in their 20 city index 5.5% in November all the way back to 2003 levels.

Regarding these price increases one must put them into perspective. As reported at the BusinessInsider, Quinn Eddins at RadarLogic argue the recent rise in home prices reflects the weakness in 2011 home prices more than the strength of 2012 home prices. I concur.

The reason for prices rising? According to the WSJ: “Economists see the report as a sign of the housing market...