Potential buyers are being fooled into thinking it is not a good time to purchase and are delaying their plans, ignoring economic facts.
The housing boom has everything to do with supply and demand, and those fundamental features are not going to change anytime soon.
When housing is surging with seemingly no end in sight, society cannot help but flashback to 2001 through 2006. In 2004 and 2005, the Case-Shiller U.S. Home Price Index showed red-hot home price appreciation between 10% and 14.5%. Everybody knows what happened next, the housing bubble eventually popped and led to double-digit home price depreciation in 2008 and 2009. In May of this year, U.S. home price appreciation reached 14.6%, its highest level since…