Home prices have finally returned to their highest point since the beginning of the Great Recession. It only took eight years, a trillion-dollar stimulus and massive Wall Street bailout.
This past September, the average cost of a home finally eclipsed the previous peak set more than a decade ago. The Wall Street Journal reports that prices are 0.1 percent higher than they were in July 2006.
While that’s a nice benchmark, it doesn’t tell the full story. After factoring for inflation, home prices still remain 16 percent below the level set 10 years ago, the Journal notes.
Ownership remains out of reach for many Americans dreaming of proverbial picket fences and two-bedroom homes. A weak economy and stagnating wages make a mortgage an impossibility for many. As a result, rates of home ownership are down while renting is up.
Philip Wegmann is a commentary writer for the Washington Examiner.
