“You can’t overpay for the house because you’re going to get an appraisal.” That's what some real estate agents and mortgage loan officers tell their clients but is it true?
Why Case-Shiller Index is Better. Whenever you read about home prices in the United States, it's most likely you're reading about the Case-Shiller Home Price Index. At first, many years ago, I didn't like the Case-Shiller index. I wanted to see dollars and cents home prices, not an index. The advantage of an index is that it's easy to compare home price appreciation in two different cities or between your city and the U.S. as a whole.
The next few days you’ll probably see a lot of news stories about the Fair Housing Act being signed 50 years ago on April 11, 1968. What those stories likely won’t tell you is the percentage of U.S. blacks who own their own homes today compared to back then. The 1970 census found 42% of black households owned their own homes. Today, the number is also 42%. That seems impossible!
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Updating these Case-Shiller charts by hand is mind-numbingly boring but I love the charts after I'm done. Click on graphs to enlarge. Top 3 Cities Seattle, Las Vegas and San Francisco appreciated the most from a year ago. All three cities still have a lot of upward momentum when you look at Zillow's...