San Francisco home prices are now rising $205,000 a year. Yes, the cost is going up $561 per day.

[mahatmakanejeeves]

RogueAltGov Retweeted:

San Francisco home prices are now rising $205,000 a year.
Yes, the cost of a home is going up $561 a day, every day
https://www.paragon-re.com/trend/san-francisco-home-prices-market-trends-news …

Link to tweet

[Jake Stern]

1. Enjoyed visiting SF

But didn't see a thing that would convince me to pay damn near obscene rent to live there.

[still_one]

2. I do not believe it is sustainable, and now that they limit the home mortage interest rate deduction

up to a maximum of a 750000 dollar loan, there will be a rise in foreclosures

Also, even though wages here in California are higher than other parts of the country, they definitely are not keeping up with the high prices of housing. It isn't just two income earners per house, it is starting to move toward multiple income earners per house

I live here in the bay area, and from what I am seeing anecdotally, houses for sale are not moving quickly

There is a huge real estate bubble here, and I don't think it is going to end nicely

[question everything]

7. Wonder about this, too

We lived in Orange County in the 90s. Owned an 1800 sq. ft house on a tiny lot. Paid $250K. The other day looked at Zillow - all the houses in this development, built in 1986, are now listed at $900K! This is crazy.

I imagine people who can afford it have sold their hyper priced home but at some point one need "stater homes" which, I suppose, are now above $500K.

[still_one]

8. In the Bay Area a good number of folks commute in from communities like Tracy, Stockton, etc, where

still find his mes less than 500k, but that commute is the pits

They really need to build low income, subsidized housing, something needs to be done

[pbmus]

3. Everyone wants to be in San Francisco when the tumbler hits....

[BigmanPigman]

4. Holy Shit!

I love San Fran. After leaving the NYC and Phila metro area I felt isolated when I first came to CA. It is the only real city that even comes close to a NE US feel and attitude. I wasn't able to afford rent there in 1986
with a fine arts degree and wouldn't be able to live there with any degree these days.

[AlexSFCA]

5. short inventory, demand for housing in SF Bay is insane

but I wouldn't live anywhere else especially in trump era

[brush]

6. It's unsustainable, and a precursor to the inevitable repug recession.

It happens every time they get in office.