U.S. home prices shows signs of becoming “unhinged from fundamentals”
like they did in the housing bubble that preceded the 2008 crash, according to a blog post by the Dallas Federal Reserve bank.
The measure suggests that “the U.S. housing market has been showing signs of exuberance for more than five consecutive quarters through third quarter 2021,” they wrote. The surge in home prices has continued since then. They also found that the surge in disposable income due to pandemic-related fiscal and monetary stimulus, as well as reduced household consumption because of mobility restrictions, may have lessened its usefulness as a gauge — suggesting that any bubble may be more advanced than those numbers suggest.
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