CoreLogic data for May shows an acceleration in home prices, the strongest since November 2021. However, many risks are stacking up and I think its too soon to be talking of a home price recovery – values are still well down from recent peaks. And the distribution of the rises are distorted towards to upper end of the market, where small volumes of sales can mess with the data.
Given higher rates ahead, the mortgage cliff, and a potential recession, this is likely a false dawn at best, at worse a head fake where some will get caught out.
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