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The Right Coast
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Housing Market Goes Nuts, Everyone Sees it, But it Can t Last | Wolf Street

By Thomas A. Smith

Or as WOLF STREET commenter IdahoPotato called it vastly more accurately and unforgettably, the FU-shaped recovery. Meaning, people who got bailed out and enriched by the Fed s $3 trillion that it threw at the markets to inflate the prices of stocks, bonds, housing, etc. are now happy as a lark, and to heck with the rest of the people that are getting crushed.

But this craziness in the housing market is not sustainable. The National Association of Realtors reported yesterday that sales of existing homes single-family houses, condos, and co-ops surged in September by 9.4% from August and by 20.9% from a year ago to a seasonally-adjusted annual rate of 6.54 million homes, the highest since 2006 (data via YCharts):

via wolfstreet.com

Heh.