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The Mass Exodus From The West Coast Is Driving Home Prices In Idaho To Insane Levels

This article was originally published by Micahel Snyder at The Economic Collapse Blog. 

Lots of people have been moving away from the west coast over the last decade, but we have never seen the sort of mass exodus that we have seen over the last year.  This mass exodus has created some extremely hot real estate markets in desirable areas located away from the coast, and according to the Wall Street Journal, the hottest real estate market in the entire country right now is Coeur d’Alene, Idaho.

Any house in the area that gets placed on the market is likely to spark a bidding war, and according to the Coeur d’Alene Association of Realtors, the median price of a home in the region has risen by a whopping 47 percent in the last 12 months…

The median sales price in the Coeur d’Alene region rose in March to $476,900, up 47% from a year earlier, according to the Coeur d’Alene Association of Realtors. Finding a home to buy in the metro area of about 166,000 is getting tougher: Inventory of homes for sale shrank by 71% to just 337 homes. That amounts to less than a month’s supply.

“That’s not enough to go around—therefore, every listing gets 30 offers,” Ms. Johnson said. “Since the pandemic, our market has been crazy.”

In particular, the demand for high-end homes is off the charts.

During the first two months of this year, the number of million-dollar homes sold in the Coeur d’Alene area was more than five times higher than the number sold during the first two months of 2020…

That has helped boost the number of high-end sales. In the first two months of the year, 67 homes in the area sold for $1 million and above, up from 12 sales in that price range in the first two months of 2020, Ms. Williams said.

Of course, the Coeur d’Alene region is not the only extremely hot real estate market that has been fueled by this mass exodus.

According to the Wall Street Journal, these cities round out the top 5…

Austin, Texas

Springfield, Ohio

Billings, Montana

Spokane, Washington

It is interesting to note that three of the top five hottest markets are in the Northwest.  For a variety of reasons, large numbers of people are being drawn to the region, and this has both positives and negatives.

If people want to make positive contributions to their new communities, that can be a good thing, but in too many cases new arrivals want to make their new communities just like the hellholes that they are escaping from.

According to Realtor.com, a large percentage of the people viewing Coeur d’Alene property listings are located in major cities such as Los Angeles and Seattle

About 70% of page views on Coeur d’Alene property listings came from outside the state in the first quarter, up from about 66% a year earlier, according to Realtor.com. The top metro areas for interest in Coeur d’Alene listings were Seattle, Spokane and Los Angeles.

Vast numbers of “west coast refugees” are fleeing to Texas as well.  In fact, one real estate executive based in Dallas says that “70% of the people moving in are from California”

“It’s like waiting for people to get an iPhone when it comes out,” he added. “We have lines out the door for people seeing houses all across all sorts of price points.”

Healy, who is based in Dallas, said hundreds of people per day are moving to his city. He pointed out that 70% of the people moving in are from California and increasing “luxury price points.”

Overall, home prices are much higher in the U.S. today than they were last year.

In fact, we just learned that the Case-Shiller Home Price Index has risen 12 percent over the last 12 months…

House prices soared by 12.0% from a year ago, the biggest increase since February 2006, near the peak of Housing Bubble 1, according to today’s National Case-Shiller Home Price Index for “February,” which reflects the three-month average of sales recorded in public records in December, January, and February.

But the Federal Reserve says that inflation is very low and that there is nothing to be concerned about.

Used car prices are escalating rapidly as well.  In fact, the Manheim U.S. Used Vehicle Value Index is up 52 percent over the last year…

Used car prices in the U.S. continue to skyrocket as a result of both the country’s economic recovery and an ongoing supply crunch.

The Manheim U.S. Used Vehicle Value Index has continued to soar through the month of April, to a new record, as a result of the worsening of a semiconductor shortage, low lot inventories, and a continuing post-Covid “boom”.

The index was up 6.8% in the first 15 days of April, Bloomberg noted. The index is up an astounding 52% from the same time last year to 191.4.

But the Federal Reserve says that inflation is very low and that there is nothing to be concerned about.

The price of gasoline just keeps rising as well.  It has jumped 9 percent since last month and it is up more than 22 percent overall since this time last year…

Gas prices jumped over 9% in the past month and they’re not expected to slow down anytime soon.

Gas prices are up 22.5% from the previous year and were the biggest contributor to an overall increase in goods and services in the nation, according to the US Bureau of Labor Statistics’ Consumer Price Index. Fuel prices pushed a 1-month increase in the overall price of goods for March that was the highest in nearly 9 years.

But the Federal Reserve says that inflation is very low and that there is nothing to be concerned about.

Do you believe the Fed?

I think that Fed officials should be forced to shop for lumber if they want to try to keep convincing us that inflation is very low.

According to Fortune, the price of lumber has shot up 232 percent since the start of the pandemic.

232 percent!

That is just nuts.

By the way, the book that I published last year warned way in advance that inflation would get way out of control.

Events are playing out just as we anticipated, and a lot more inflation is on the way.

Whenever a crisis arises, our leaders always flood the system with more money, and they are pushing us dangerously close to the point of no return.

***Michael’s new book entitled “Lost Prophecies Of The Future Of America” is now available in paperback and for the Kindle on Amazon.***

About the Author: My name is Michael Snyder and my brand new book entitled “Lost Prophecies Of The Future Of America” is now available on Amazon.com.  In addition to my new book, I have written four others that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned)  By purchasing the books you help to support the work that my wife and I are doing, and by giving it to others you help to multiply the impact that we are having on people all over the globe.  I have published thousands of articles on The Economic Collapse BlogEnd Of The American Dream, and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe.  I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article.  The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial, or health decisions.  I encourage you to follow me on social media on FacebookTwitter, and Parler, and anyway that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with as many people as we possibly can.

The post The Mass Exodus From The West Coast Is Driving Home Prices In Idaho To Insane Levels first appeared on SHTF Plan – When It Hits The Fan, Don’t Say We Didn’t Warn You.

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As U.S. Cities Crumble, Demand For Rural And Suburban Properties Is Soaring

Have the events of 2020 caused you to consider moving somewhere else?  If so, you are definitely not alone.  The COVID-19 pandemic, a historic economic downturn and extremely violent riots in major cities all across America are fueling a sudden surge in interest in rural and suburban properties.  This represents a major shift, because prior to 2020 we had seen a tremendous boom in real estate prices in large cities such as New York, San Francisco and Seattle.  Now a lot of those buyers have become very motivated sellers, but there just isn’t a lot of demand for tremendously overpriced homes in core urban areas that are currently being torn to pieces by rioters.

Meanwhile, prices for rural and suburban homes are being pushed up as an increasing number of Americans seek to get away from the major cities.

At first, it was the coronavirus pandemic that was the primary reason why so many people wanted to move.  According to Redfin, page views for homes in rural communities and small towns were way, way up in March as the virus began to spread aggressively in the United States…

A report from Redfin (NASDAQ: RDFN) highlights this trend, showing that by late March, the seven-day average change in page views of homes in rural and small towns was up 115% and 88%, respectively.

Of course now the worst civil unrest in decades has been added to the equation, and this has caused even more city dwellers to consider a change in residence.  In fact, one poll found that approximately 40 percent of all city dwellers “are considering leaving”…

A recent Harris Poll found that more than 3 in 10 people in America say the pandemic makes them want to live in a rural area. And, 1 in 4 now want to live in a suburb exterior to a major city. In a separate Harris Poll, it was found that nearly 40% of city dwellers are considering leaving the city due to the pandemic.

Unfortunately, not everyone will be able to move.  In an economic environment where more than 42 million Americans have already lost their jobs, many people will be doing all that they can to cling to the jobs that they still have.

But for those with the liberty to live wherever they want, this is an opportunity to make a dramatic change.

At this point, even urban real estate markets that were once red hot like San Francisco appear to be cooling off in a major way

Amid the depths of a global pandemic and financial downturn, the demand for real estate is unexpectedly rocketing in wealthy regions outside San Francisco, reports Bloomberg. Agents say that demand is soaring in affluent areas around the Bay Area such as Napa, Marin and further afield in Carmel, as people who have the means look to get away from the city. Meanwhile, the market in San Francisco and Alameda County is still well below where it was last year.

Elsewhere, Lake Tahoe has also seen a surge in real estate interest. The prospect of living out of the city on an alpine lake while maintaining a career is appealing for a new generation of young buyers, as many tech companies have signaled that remote work may be the new norm for a long time.

During the good times, our big cities had a lot to offer.

But now, many city dwellers have become completely convinced that their communities are simply no longer safe places to live.

Just look at what is happening in Chicago.  The last day in May was “the deadliest day” that the city had seen “since at least 1961″…

The city of Chicago notched a grim milestone last weekend, as 18 people were murdered on Sunday, May 31 alone, marking the deadliest day in the city since at least 1961.

The University of Chicago Crime Lab’s numbers do not go back further than 1961, so it’s impossible to say how long it’s been — if ever — since so many people were murdered in the city one 24-hour stretch.

We have come to expect a very high level of violence in Chicago, but one local expert says that the number of murders on that particular Sunday was “beyond anything that we’ve ever seen before”

“We’ve never seen anything like it, at all,” the crime lab’s senior research director, Max Kapustin, told the newspaper. “I don’t even know how to put it into context. It’s beyond anything that we’ve ever seen before.”

Chicago’s next most violent day was Aug. 4, 1991, when 13 murders were recorded.

At one time, America’s beautiful shining cities were the envy of the entire planet.

But now thousands of retail outlets have been boarded up, homelessness is absolutely exploding, and it looks like there will be much more rioting, looting and violence in the months ahead.

I have been writing about the plight of our major cities for many years, and even though I have been relentlessly warning that this was coming, it doesn’t make it any less sad.

I have really been feeling so sad lately.  Things didn’t have to turn out this way for America, but our choices have consequences, and we have been making really bad choices for decades.

Ultimately, I am quite glad that I was able to get away from the big cities when I did, and countless other Americans have made the exact same choice.

Now we are potentially facing a mass exodus from the major cities in the months ahead, and that will likely drive real estate prices in the most desirable small towns and rural communities through the roof.

Those that are wealthy will be able to afford such prices, but many others may find themselves completely priced out of the market and unable to relocate.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

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