But no, we’re not headed for anything even close to 2008.
If you’ve tried to buy a home in the past two years, you have my most profound sympathies. Your experience has probably gone something like this: You found your dream home online; sent photos around to your family; visited the premises (or decided to buy, sight unseen); got your financial statements in order; smartly offered 10 percent over asking; and learned, several hours later, that no fewer than 831 other people had bid for the same house, which sold to a couple who paid 50 percent over asking, all cash, and cinched the deal with a contract amendment promising to name their firstborn child after the seller.
Yes, the American real-estate market really has been historically hellish, or historically hot, depending on whether you were trying to buy a home or sell one. Within the past year, just about every housing statistic you could imagine set some kind of berserk record. Home prices hit a record high, the share of homes that sold above asking hit a record high, and the number of available homes for sale hit a record low.