Thank You Janet Yellen: Home Prices Up 98% Off 2008 Crisis Lows in San Francisco

Home prices are soaring as the Federal Reserve pumps huge doses of new money into the system.

The closer to a Fed monetary spigot a region is the higher the prices in that region with the greater Silicon Valley area (San Francisco) taking the lead.

The Wall Street Journal reports:

Some local markets have experienced extreme swings. Home prices in San Francisco have vaulted 98% from their low point during the bust and now stand nearly 7% above their earlier record in 2006 at the height of the previous housing boom.

In Dallas, home prices have risen by nearly 53% from their low during the recent bust and are now 35.5% above their previous high. In Denver, prices are now 59% above their previous lows and 36.5% above their previous high.

In some markets, bidding wars are breaking out.

 This is not what a recession looks like.

This will not end well, it never does, but the Fed manipulated boom continues in the boom phase of the Fed created boom-bust business cycle.

-RW