Robert Shiller calls it the “echo boom.” Seems a few in Vegas have the risk appetite to think the housing recovery is here, expecting 20% price premiums for their flips.
Median % Price Increased (black line, left axix) – measures the percentage of active listings that were available for sale at a lower price in the most recent 90-day period. Peaks at 7% this year.
Median % Increase in Price (orange line, right axis) – measures “by how much” these listings are priced higher. Peaked at 20% last summer.
Wow. Think the foreclosure mess is complicated now? This will puts more pressure on sifting through the paper trail. Good to see that housing stimulus money going to work.