Welcome to The Bani Group Briefing. Has there been a wilder year in real estate than 2021? According to the statisticians, NO. Home owners are sitting on more equity in their homes as of Sept. 2021 than at any time in history. S&P said this week that its closely watched S&P CoreLogic Case-Shiller 20-city home price index surged 19.9% in July from a year earlier, the largest gain on records dating back to 2000.
So have we peaked? Probably not. There is still the problem of massive shortages in housing supply, and a never-ending line of buyers reaching the age where they're OVER the rental life.
With homeowners stuck, unable to afford to move, it ripples throughout the entire housing market. Homeowners in California, Washington state and Idaho saw among the biggest average equity increases in the second quarter: $116,000 in California alone.
