The Case-Shiller Home Price index showed prices rising for the sixth straight month in September.
Robert Shiller, co-created of the index, discusses briefly in the video below why he has not yet quit his profession to become a full time home flipper as many in America have once again become.
He notes that we still have 10 million homes that are under water (see future inventory). After five years of the government financing 100% of the mortgage market and the Federal Reserve using all their power to temporarily and artificially suppress mortgage rates he says that, "even though home prices are up, they are not up very much."
People such as myself continue to wonder what would occur if just a tiny ounce of that temporary, artificial government support were to be removed and the market had the chance to encounter a glimpse of reality. The results would be devastating for America's leaders: a lower monthly cost of living for every person in the country.
I assure you this will not end well, but the charade is certainly fun to watch.