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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