Courtesy of NPR, listen to the commentary, from a Boulder, Colorado perspective. Unfortunately, it’s not a podcast, but oh well.
Some key quotes –
“Five years after the boom, anyone waiting for a real estate crash is still waiting.” “I have never seen a family buy a home they knew they couldn’t afford just because they thought the price would go up.”
“The second thing the bubbleologists don’t understand is land. The population of the US is increasing 3 million per year, elbowing for the fixed supply of land.” (bolding mine)
“The truth hated most on the street- invest in a home and even if you are wrong about prices, you get to live in it. Try that with an Enron stock certificate.”
This is the simple truth about our region. Available land is scarce, and there are more people who want to buy than want (or can afford to) sell.