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This Is the Hottest Real Estate Market in America – 24/7 Wall St.

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Housing

The American real estate market has gone from catastrophe to wild success in just over a decade. The Great Recession triggered 3.7 million foreclosures. Many more owners lost most, if not all, of their home equity. Fast forward to 2021. Home prices have more than recovered to their previous peak of 2006. According to the carefully followed S&P CoreLogic Case-Shiller Home Price Indices, home prices rose 19.8% in August, compared to the same month last year. In three markets (Phoenix, Tampa and San Diego), the number was over 25%.

Several factors triggered the rise in prices. One is that mortgage rates are near historic lows. Many 30-year fixed-rate mortgages have been issued at rates below 3%. Another factor is a migration of people from expensive coastal cities like New York and San Francisco to less expensive metros inland,…

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