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And The Brand New Fastest Appreciating US City Is... (Hint: Not Cleveland)

Tyler Durden's picture




 

For those living in Cleveland, where home prices rose a tiny 0.8% compared to last year (a number which is sliding every month), the latest dead housing cat bounce is almost over, and with the release of the September, or at the latest, October numbers, expect the first Top 20 US MSA to go back into annual price decline for the first time in two years. Those living in America's other cities are safe, for now. Then again, while still rising at a comfortable upper-single digit pace, all California cities as well as Las Vegas, are about to hit a brick wall, as the Y/Y pace of price increases is now grinding to a halt.

This brings us to the most rapidly appreciating US city, which this month is no longer on the west coast (sorry San Francisco and Las Vegas), but deep south on the Eastern seaboard, namely Miami, Florida.

How much of this is due to Latin Americans billionaires and oligarchs rushing to park their (tax-free) cash away from either Argentina, Venezuela or Brazil is for now unknown (now that the Chinese exodus in California is over) but one can be sure that the mansion tax that started in London, moved to New York, is very soon going to pay Miami a visit next.

 

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Tue, 10/28/2014 - 09:39 | 5385668 Pool Shark
Pool Shark's picture

 

 

 

"It's a great time to buy or sell a house in Cleveland," - NAR

http://themessthatgreenspanmade.blogspot.com/2006/11/nar-has-much-more-work-to-do.html

Tue, 10/28/2014 - 09:41 | 5385672 BobPaulson
BobPaulson's picture

It's always a good time to go TU on your ARM. (Flashback to HousingPANIC).

Tue, 10/28/2014 - 09:50 | 5385717 NotApplicable
NotApplicable's picture

Bouncers in strip clubs frown on that type of behavior.

So I've heard...

Tue, 10/28/2014 - 10:20 | 5385831 Keyser
Keyser's picture

It's the 1980's all over again in Miami, except this time the drug money comes from offshore... 

Tue, 10/28/2014 - 10:48 | 5385944 Winston Churchill
Winston Churchill's picture

All that money and its still a dump once you get a mile from the beach.

Tehran is far nicer.

Tue, 10/28/2014 - 11:18 | 5386026 TBT or not TBT
TBT or not TBT's picture

I'm making an ETF to put my house in so I can speculate more easily on its price.   You know, enable me to act on these ZH trading tips.   

Tue, 10/28/2014 - 11:27 | 5386072 Save_America1st
Save_America1st's picture

looks good to me....my "bug-out" town isn't anywhere even close to any places listed on here or even any mid-range cities either.  Prices are nice and low...things are quiet, huntin' and fishin's outstanding.  And lotsa hot chicks. 

(and sorry....but I'm not tellin' where)  ;-)

Tue, 10/28/2014 - 11:35 | 5386110 DeadFred
DeadFred's picture

And lotsa hot chicks-

and most of 'em are yer cousins. "If the good Lord haddna wanted ya to marry yer cousins He woodna made 'em so dang gud lookin!" -An old saying in my family

Tue, 10/28/2014 - 11:40 | 5386137 Save_America1st
Save_America1st's picture

wrong....don't be jealous.  No relatives within hundreds of miles ;-)

nice try though.  lol

Tue, 10/28/2014 - 11:51 | 5386176 boogerbently
boogerbently's picture

Detroit ????

Credibility Fail

Tue, 10/28/2014 - 12:17 | 5386303 Bay of Pigs
Bay of Pigs's picture

+1

Atlanta, Chicago and Cleveland? This chart is meaningless.

Tue, 10/28/2014 - 12:20 | 5386305 Bay of Pigs
Bay of Pigs's picture

Like everything else these days, it also appears that any housing data is complete bullshit anymore.

Tue, 10/28/2014 - 13:25 | 5386552 BobPaulson
BobPaulson's picture

Actually, the money is still domestic from what I can see. Drugs have always been an effective means of extracting wealth. The money is just too good for Wall Street and the CIA to leave it on the table. It is so incredibly lucrative and the market is so reliable that as a business model it is nieve to imagine we could get rid of it. All you need is to sell criminalization and violence as a way to escalate the problem into the hands of security and police systems with have a monopoly on legal violence, this closes the loop extracting wealth from the difficult to tax urban poor, moves it through Mexico, Columbia or Afghanistan where Drug Lords act out the "war" part, the cash notes move to the security forces and disappear (are diverted to black ops and other "important" adventures needed to maintain the state of fear and arms manufacture). Voila.

Tue, 10/28/2014 - 14:56 | 5386908 armageddon addahere
armageddon addahere's picture

"It's the perfect business. It costs a dime to make, we sell it for a dollar, and it's habit forming!"

           -Gomez Addams, 1965

Tue, 10/28/2014 - 09:52 | 5385728 RaceToTheBottom
RaceToTheBottom's picture

ARM= Always Reversable Mortgage

Tue, 10/28/2014 - 09:53 | 5385727 Eireann go Brach
Eireann go Brach's picture

Whoever wrote this report needs to learn how to spell San Diego, which means Whales vagina!

Tue, 10/28/2014 - 11:56 | 5386197 boogerbently
boogerbently's picture

....agree to disagree.

Tue, 10/28/2014 - 09:56 | 5385740 toady
toady's picture

It's the LeBron effect.

Tue, 10/28/2014 - 10:05 | 5385772 OW My Balls
OW My Balls's picture

I'm taking my talents to Cleveland

Tue, 10/28/2014 - 10:21 | 5385833 Keyser
Keyser's picture

If you had ever spent any time in Cleveland, money would not be an incentive to stay... 

Tue, 10/28/2014 - 13:47 | 5386630 JRev
Tue, 10/28/2014 - 10:08 | 5385782 Slomotrainwreck
Slomotrainwreck's picture

>"It's a great time to buy or sell a house in Cleveland," - NAR

 

It's an 8 year old article.

Tue, 10/28/2014 - 11:18 | 5386043 Pool Shark
Pool Shark's picture

 

 

Exactly.

Is history starting to rhyme?...

 

Tue, 10/28/2014 - 10:49 | 5385939 dracos_ghost
dracos_ghost's picture

Nah, Detroit seems to be a better market. Unreal.

Tue, 10/28/2014 - 09:42 | 5385674 Dr. Engali
Dr. Engali's picture

I see Detroit is doing well. Although when the average home sells for $10,000  a $100 increase in value is a significant change. Perhaps we should have a mansion tax there too.

Tue, 10/28/2014 - 09:49 | 5385711 silverer
silverer's picture

Yes, and those obscene profits must be taxed!

Tue, 10/28/2014 - 09:54 | 5385736 RaceToTheBottom
RaceToTheBottom's picture

I wonder will they change the street signs from ebonics to chinese?

Tue, 10/28/2014 - 09:57 | 5385741 Schmuck Raker
Schmuck Raker's picture

Detroit is the new Phoenix.

Tue, 10/28/2014 - 11:07 | 5386008 toady
toady's picture

Detroit is getting ready for a major redevelopment. The dude who owns little ceasers and all those Detroit teams has been secretly buying up all those $1 houses and now has a big enough chunk to put in a new arena.
They tore down a bunch of blight to put in new baseball & football facilities a few years back, this time it's hockey. Plus they're gonna di-blight a bunch of land around all these new facilities and turn it into an "areana district"
They're gonna tear down the old hockey facility and expand the convention center. Throw in a few river front condos at that site too.

Still running with the old paradigm, but it will clear out a bunch of blight and build a pretty solid core of non-residential, family-friendly places.

Tue, 10/28/2014 - 11:25 | 5386065 p00k1e
p00k1e's picture

I’m near The D.

The two problems I see with any redevelopment is the 350,000 illiterate folks will still need managing.   These people need access to resources that must be centralized because they rely on buses.  Typically, this is a downtown district.  I see the “Arena District” going to low-income housing and gated off from the arena within 10 years. 

And Detroit is still using other people’s money.  The BK offloaded some a few billion from debt and some ‘assets’ to the state taxpayers – parks and what-not, but Detroit will still be running a deficit.  I think Detroit is borrowing a Billion Dollars just to get this new plan started. 

And the security downtown is private.  And the residents are all subsidized.  

noun
noun: illiterate; plural noun: illiterates

    1.
    a person who is unable to read or write.
  

 

Tue, 10/28/2014 - 11:43 | 5386149 Gavrikon
Gavrikon's picture

Meh, turn 'm into Soylent Black.

Tue, 10/28/2014 - 11:50 | 5386175 p00k1e
p00k1e's picture

Many people like to go down to the Ghetto and feed the homeless.  The do-gooders feed the homeless as if the homeless are pigeons or squirrels.  Pets, if you will.

I’ve been down there and watched this on more than one occasion. 

Tue, 10/28/2014 - 16:56 | 5387390 sun tzu
sun tzu's picture

How do they plan on getting rid of what caused the decay in the first place? 

Tue, 10/28/2014 - 09:41 | 5385677 disabledvet
disabledvet's picture

Yeah, moving the metal is one thing....

Tue, 10/28/2014 - 09:41 | 5385679 SheepDog-One
SheepDog-One's picture

Major cities increasing 6-10% ... that's pretty fuckin decent I'd say, but I'm sure it's just shy of Goldilocks 'more QE' range.

Tue, 10/28/2014 - 09:44 | 5385694 Bill of Rights
Bill of Rights's picture

More excuses for the Local assessor Nazi to pull more of your losing wages right out of your pocket to give to those who do nothing all day...I'd call that a win for sure.

Tue, 10/28/2014 - 10:58 | 5385984 Harry Dong
Harry Dong's picture

True. Funny how all this looted wealth ends up in the billionaires pockets playing bridge in Maui.

Tue, 10/28/2014 - 09:48 | 5385710 new game
new game's picture

finally getting 2 percent on the first 10k and 5 percent on 300k(home). is it real? well yea cause the home will market for 350 and sell in a heart beat. do i feel safe, sound and comfortable, fuck no! thanks zirp off, zirp you and the zirpping horse ya zirpped...

Tue, 10/28/2014 - 09:43 | 5385690 khakuda
khakuda's picture

With appreciation rates well above inflation, idiotic 3% down payments were needed why?

Tue, 10/28/2014 - 09:48 | 5385708 NotApplicable
NotApplicable's picture

Because appreciation rates above inflation means that housing is becoming less affordable, especially if you are living on the margins of insolvency.

Though given nobody else has any skin in the game other than Uncle Sugar, why should anyone give a fuck, right?

Tue, 10/28/2014 - 10:51 | 5385942 khakuda
khakuda's picture

Great point.  Most people haven't figured out that the government's attempt to make homes more 'affordable' means lowering the down payment or monthly payment which, perversely, has only led to higher prices making things unaffordable in terms of total cost.  Applies to college, too.

The entire system is a joke.

Tue, 10/28/2014 - 11:10 | 5386022 Amish Hacker
Amish Hacker's picture

Until the median income can buy the median priced house, the market remains distorted. Unfortunately, the median income has been flat-to-down for more than 20 years, during which time house prices did a moonshot. This is not "growth," it's mispricing of credit.

Tue, 10/28/2014 - 09:45 | 5385692 new game
new game's picture

boom, followed by bust. thanks fed, for instable markets, zirp off, zirppers...

housing used to be the main stay of middle class and place to live tracking Printing(hedging inflation), but now, ha just another manipulation tool used by policy fuck heads to tought there krugman style control.

fucking cocksucking fuck faced motherfucking basterds(is that what you were thinking too?)

Tue, 10/28/2014 - 09:45 | 5385693 MsCreant
MsCreant's picture

The "cost" of living in Miami is too high. I would never want to live there. Traffic rivals New York.

Miami Beach is nice though.

Tue, 10/28/2014 - 09:46 | 5385702 knukles
knukles's picture

I hate Florida

Heat, Huimidity and Bugs  
Crazy old people driving and the "Furriners."
Too damn many Furriners don't espeeaka da Engiish 

Tue, 10/28/2014 - 09:51 | 5385719 silverer
silverer's picture

New reality game: find the center of high culture in Florida.

Tue, 10/28/2014 - 10:10 | 5385790 Big Corked Boots
Big Corked Boots's picture

Florida = Jooish heaven.

(at least some parts of it.)

Tue, 10/28/2014 - 15:00 | 5386920 armageddon addahere
armageddon addahere's picture

I hear there is culture in the yoghurt.

Tue, 10/28/2014 - 09:52 | 5385721 Der Wille Zur Macht
Der Wille Zur Macht's picture

Florida is great. I'd downvote you more than once if I could.

Tue, 10/28/2014 - 12:08 | 5386270 cornedmutton
cornedmutton's picture

Hard to beat Naples, FL. Lotsa money, beautiful surroundings.

Tue, 10/28/2014 - 13:07 | 5386489 Suisse
Suisse's picture

And no jobs which pay a decent wage if you actually need to work there.

Tue, 10/28/2014 - 09:53 | 5385724 new game
new game's picture

not to mention the furrinacators...

Tue, 10/28/2014 - 09:58 | 5385747 Greenskeeper_Carl
Greenskeeper_Carl's picture

Not everywhere is bad. Avoid Miami like the plague. Same with jacksonville and the stpete/Tampa/Clearwater area. St. John's county and Flagler county(at Augustine, crescent beach, Flagler beach are pretty nice, and have a mostly Caucasian and native population. Same with Ocala, it's a pretty good place, nice country feel to it, lots of farms. Can't help ya with the heat and humidity though. My native GA is the same way.

Tue, 10/28/2014 - 10:24 | 5385839 Karlus
Karlus's picture

Moving to Hallandale next week from Dallas. I know, but it will make the wife happy.

 

Dont worry, Im renting. Dont know enough about Florida real-estate to waste money on this.

Tue, 10/28/2014 - 11:27 | 5386079 Amish Hacker
Amish Hacker's picture

Here's all you need to know to play the Florida real estate game: buy a tent. Spend a few nights on the ground in front of a realtor's/developer's office. Move into your new home with virtually no money down. Oops, your mortgage interest rate adjusts upward. Sheriff arrives with document signed by Linda Green and puts you out on the street. Move back into tent (you remembered to save the tent, right?).

Tue, 10/28/2014 - 10:00 | 5385752 Latitude25
Latitude25's picture

I up voted you because FL is terrible.  Don't move here.

Tue, 10/28/2014 - 10:13 | 5385794 JRobby
JRobby's picture

knuckles, you are just scratching the surface of what is wrong with FL.

Its loaded with dopers who came down for rehab and never left. All the crooks that are too inept to run a scam anywhere else seem to end up here to run one. The state, county and local governments are TOTALLY CORRUPT

 

http://ginsbergblog.blogspot.com/2009/07/dial-poem-poets.html

Tue, 10/28/2014 - 10:22 | 5385836 Keyser
Keyser's picture

Err, knukles, you be da foreigner in Miami... Entiende? 

 

Tue, 10/28/2014 - 09:44 | 5385695 JRobby
JRobby's picture

The Greater Miami area has been fueled by investments from the South American middle class, Brazil being a large piece. That seems to be slowing.

Tue, 10/28/2014 - 09:45 | 5385696 i_call_you_my_base
i_call_you_my_base's picture

Had the TV on the other day while doing something else and one of those house buying shows was on. Watched a married couple look at a one bedroom loft (the bedroom was raised, so not really a bedroom) in a shitty industrial part of San Francisco. It was a crappy place, and it was $750K. Anyone buying into that market is making a gigantic mistake.

Tue, 10/28/2014 - 09:50 | 5385713 sleigher
sleigher's picture

"yeah but they can't make more land"...

Trying to remember all the other things people have said to me about property there.  "Money is cheap right now, get it while you can."   But it's debt, not money... 

Tue, 10/28/2014 - 10:43 | 5385912 GeezerGeek
GeezerGeek's picture

I've heard the saying that they can't make more land, but that overlooks all the swamps that were filled in to create habitable land in Florida. I live in Broward County, about a mile from the ocean. Beneath my house is sand. Nothing but sand; layers of landfill. At 8 feet down I have (non-potable) water. Maybe Ft. Lauderdale can't expand to the East, but they sure as heck did make a lot of dry land, until they ran up against the Everglades. Personally, I preferred the panhandle, from Ft. Walton Beach and eastward. Culturally it's more like southern Alabama. Broward is New York City South, with a hint of Latin America. Miami-Dade is where the refugees from dysfunctional Latin American countries come for escape, and then elect dysfunctional government because that's apparently their culture.

Tue, 10/28/2014 - 10:46 | 5385935 greatbeard
greatbeard's picture

>> the panhandle

North Central Florida here.  I can't imagine a nicer place to live.  Moderate climate, fertile soil, plentiful water resources, not crowded, low taxes.  People talking about what a hell hole Florida is make me laugh.  The only problem with Florida is it's more crowded than it used to be but that's anywhere that's remotely liveable.

Tue, 10/28/2014 - 09:53 | 5385729 essgee
essgee's picture

What are you talking about, they both work for Twitter.

Tue, 10/28/2014 - 09:58 | 5385743 i_call_you_my_base
i_call_you_my_base's picture

The guy was a city planner, the woman worked from home as an account rep for a small tech firm. Their household income couldn't have been more than $150K.

Tue, 10/28/2014 - 10:03 | 5385768 JRobby
JRobby's picture

In that case they should go ahead with it. Nothing like buying a home you can't afford and have it ruin your health and your life.

Wake up people!!! Happiness comes from within.

 

Tue, 10/28/2014 - 11:02 | 5385995 l8apex
l8apex's picture

So if they both work in San Francisco, what do you suggest that they do?  Commute 2 - 3 hours each way?  Rent for $3500 per month?  

My solution was to leave the Bay Area, but if folks want to stay and pay the man, that's their decision.

Tue, 10/28/2014 - 11:39 | 5386126 tarsubil
tarsubil's picture

What do they do if their jobs pay them 150K and require them to buy a 750k shitbox? They probably would be better off riding the rails (costs 0K) and being hobos (pays 0K).

Tue, 10/28/2014 - 09:46 | 5385699 GOSPLAN HERO
GOSPLAN HERO's picture

GTFO of Cleveland.

Tue, 10/28/2014 - 10:00 | 5385756 toady
toady's picture

Tell that to LaBron

Tue, 10/28/2014 - 09:49 | 5385714 Temerity Trader
Temerity Trader's picture

No doubt the final collapse will begin in Silicon Valley where the largest property bubble in history exists. The tech I-Toy insanity will end abruptly and those making $100k will be lucky to find work at McDs. House prices will plunge as fear takes over from greed. It will be something to see.

Tue, 10/28/2014 - 09:53 | 5385726 silverer
silverer's picture

And it HAS to happen at some point.

Tue, 10/28/2014 - 10:00 | 5385759 cigarEngineer
cigarEngineer's picture

Why would the "tech I-Toy insanity" end abruptly? Continuation is more likely than change. There's no catalyst to end it abruptly. We already see that people would rather have an iPhone than eat better food.

Tue, 10/28/2014 - 10:02 | 5385769 i_call_you_my_base
i_call_you_my_base's picture

The entire place is run on VC money and stock floats. Many / most of those companies don't actually make money. If that funding dries up it's over, and it will end abruptly.

Tue, 10/28/2014 - 10:48 | 5385945 greatbeard
greatbeard's picture

>> Why

Because he's not on the train and he wants it to crash.  Sil Valley will be rocking long after he's sprouting daiseys.

 

 

Tue, 10/28/2014 - 11:40 | 5386139 tarsubil
tarsubil's picture

When people have to choose between buying bread and buying an iPhone, it will be over. But maybe that is 20 years away. Enjoy the descent, I guess.

Tue, 10/28/2014 - 13:15 | 5386512 Grouchy Marx
Grouchy Marx's picture

Sure, and AMZN is a great buy 

 

Tue, 10/28/2014 - 11:47 | 5386161 Dudeskis
Dudeskis's picture

Like another said.  The place lives entirely on VC cash.  If consumers continue to have their DescIncom eroded away VC are going to become more selective in the models they fund and the town will wither.

Tue, 10/28/2014 - 09:53 | 5385730 SillySalesmanQu...
SillySalesmanQuestion's picture

Hey! Don't knock the " if it's Brown, flush it down" town. ;-)

Tue, 10/28/2014 - 09:53 | 5385733 ejmoosa
ejmoosa's picture

And they say there is no inflation....look at these housing prices.  

Tue, 10/28/2014 - 10:00 | 5385748 Bumbu Sauce
Bumbu Sauce's picture

LOL Detroit.

Tue, 10/28/2014 - 10:00 | 5385750 Mr. Bystander
Mr. Bystander's picture

Stupid people. Don't they know most of those places have bad football teams? I'm not surprised by Miami. It's having a takeover by Russian's.

Tue, 10/28/2014 - 10:01 | 5385765 cigarEngineer
cigarEngineer's picture

Miami traffic is horrid. Anything outside the few downtown streets is mega ghetto. Plus, there are no good jobs on par with CA or Boston. Plus, the only inhabitable months are Oct-Mar.

Tue, 10/28/2014 - 10:04 | 5385774 JRobby
JRobby's picture

Florida - It's all sub-prime!

Tue, 10/28/2014 - 10:11 | 5385792 Shizzmoney
Shizzmoney's picture

Anyone who hasa mortgage for a house is a fucking sucker

Tue, 10/28/2014 - 10:38 | 5385905 LULZBank
LULZBank's picture

Its a middle class craze, to step on the property ladder.

Tue, 10/28/2014 - 10:13 | 5385799 mastersnark
mastersnark's picture

And all the money's worthless
The town is trite and exaggerated
The food is turning and the water is poisoned
And it's rotting your teeth right out of your head,
sight and hearing have quickly faded
Your gut's expanding, your hairline's receding
The sores are opening and the cancer's spreading
And the antibiotics aren't working,
all the drugs just all the drugs are strangely sobering
And the skeletons in your closet have opened the door and then started talking

Just like Miami!
Miami!
Fucking Miami
Miami!

Tue, 10/28/2014 - 10:26 | 5385845 gwar5
gwar5's picture

Delectable. Delicious. Detroit.

Tue, 10/28/2014 - 10:30 | 5385867 Mario55
Mario55's picture

Miami already has a yearly 2% real estate tax !!

Tue, 10/28/2014 - 10:35 | 5385881 First There Is ...
First There Is A Mountain's picture

My Centennial, CO home (suburb south of Denver) is going on the market next week. My realtor says it will be only home in our subdivision which have been going at ask or better within days or weeks at outset. I will walk with 100K windfall in just two years. I have about 1350 square feet of garden I reclaimed from lawn including raised beds - all with irrigation. Highly productive land. Fed my family well over the course of two years. Someone with half a brain will jump on the place knowing what's in store. Time to cash out because a mighty bubble she is a brewing in CO and when it goes pop, it's going to be a doozy. 

Tue, 10/28/2014 - 11:55 | 5386186 boodles
boodles's picture

Hope you get your price, First. 

I'm south of you, by the zoo in COS, and can't talk my spouse into selling.  Putting up a fence, now, to protect property from deer/bear/whatever so I can put in raised beds next year.  It is more difficult to grow on a steep slope, at about 7k, than "down" in Centennial, but I'll give it a whirl!

Again, best to you in your selling.  May it go quickly.

 

Tue, 10/28/2014 - 13:06 | 5386483 First There Is ...
First There Is A Mountain's picture

Appreciate that. I have become a master of urban gardening. The rabbits are a huge problem in Centennial. They breed like, well, rabbits but have been farily content to feed on my lawn which doesn't bother me in the least as I have been chipping away at the water sucking waste of time and money for awhile. 

I know the area you are talking about well. Indeed pretty hilly. Just terrace the best you can and make longer, narrower beds. That soil would seem to be farily rocky as well but can't be certain on that. Good luck to you and see if you can't get your ball and chain to let you get out while the getting is good. He/She will be thankful 18 months from now....

Tue, 10/28/2014 - 10:35 | 5385886 Duffy Duck
Duffy Duck's picture

Too fucking hot.

And too many fucking Cubans.

Tue, 10/28/2014 - 10:54 | 5385962 KurtRand
KurtRand's picture

This chart means nothing. Homes at the top of the market are going up while homes on the lower end are stagnant or going down in price. Atleast in my area (Boston)

Miami being up 12% or so is still below its peak.. while Boston is way above its peak..

Miami= More retireis

Boston, New York et al = foreigners recycleing QE dollars

Cleveland et al= Shale

Where to buy?? Nowhere! (Rent if you must)

Where to sell? In this order. New York, Boston, Miami, Cleveland

 

Tue, 10/28/2014 - 10:55 | 5385968 Catullus
Catullus's picture

I'm sure sub-$80 oil will not affect Houston or Dallas at all

Tue, 10/28/2014 - 11:25 | 5386066 juggalo1
juggalo1's picture

4% Y/Y in this climate seems unsustainable.  Wages aren't going up 4%.  Interest rates are still extremely low, so there aren't a lot of qualified people locked out of the market.  General inflation isn't close to 4%.  Rents aren't going up 4%.  The question is does it drop to -5% or -10%, and when.

Tue, 10/28/2014 - 12:07 | 5386257 yellowsub
yellowsub's picture

Some of these cities had big housing decreases so it's not like they're above water yet.

Tue, 10/28/2014 - 12:07 | 5386260 the grateful un...
the grateful unemployed's picture

san deigo is gud, if yu lik ta surf, dude, gud drugs and clos to mexaco

Tue, 10/28/2014 - 12:35 | 5386387 scubapro
scubapro's picture

 

given the AAII sentiment is at highest of the year (while NOT at new highs) and party cities like LV, MIA, NYC are the most attractive, the new investing motto is No Fear.  Everyone has a plan until they get punched in the face.

Tue, 10/28/2014 - 14:27 | 5386803 Kirk2NCC1701
Kirk2NCC1701's picture

No one noticed that THE place to have made money on this list of cities, is SAN FRAN.  #3 on price growth, but...

San Fran NEVER experienced the prices crashes the Miami and Vegas had,  Do the math... a large percentage increase from a low price is no big deal in DOLLARS.  But a large increase from a large price IS a big deal.  Hate to say it, as I'm not so enamored of San Fran as I used to be, but that city is the Price Winner on this list.

Which explains the price stability and growth of Portland, OR:  It gets the spillover from (northern) Californians cashing in and moving to Portland(ia).  Portland is still a great city, but it got worse with its Homeless who are everywhere downtown.  It is well known that other cities (outside of OR) actually export their bums (put them on a bus) and send them to Portland.  They need to be given a "Return to Sender" ticket and shipped out, and the downtown cleaned up -- in every way.  "Damn hippie Liberals!" is what some home owners say, who pay $15,000-20,000 in property taxes (and I know them personally). Can't say I blame them that they're pissed at the Mayor and the City.  We only visit downtown Portland or Seattle on a "city binge":  Theater, Shopping, Dining.  Suburban or Rural living is THE way to go in the Pac NW.

Tue, 10/28/2014 - 14:45 | 5386863 vegan
vegan's picture

How the hell is Las Vegas in the #2 spot?

That city is like the real-life Walking Dead.

 

Tue, 10/28/2014 - 16:37 | 5387311 Kyddyl
Kyddyl's picture

Las Vegas that's barely surviving until the new Drain is completed in the bottom of Lake Mead? If the denizens of that armpit of hell think they're going to get water from any of the almost as arid surrounding regions so they can flush their innumerable toilets they'd best think again. Those sprawling subdivisions with their Mormon wards implanted at strategic intervals are mostly Utahans who are sick of snow. Of course you can always take the kiddies down on The Strip and watch the portable bill boards for escourt services roll by and watch out for the population that literally lives under the city, and if it's too hot, which is most of the time, you can all inhale the wonders of overpriced botiques indoors. No kids in the casinos please. Predict another Big Bust and not the fun kind either.

Tue, 10/28/2014 - 19:20 | 5387873 fibonacci's claus
fibonacci's claus's picture

miami was a ghost town before cocaine built its skyline. 

Fri, 10/31/2014 - 09:16 | 5397716 tritumi
tritumi's picture

vote if you would like to live where you can walk to the beach in long beach, california

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