Online House Hunting - Oh my God, we are having bidding wars again! Is America's houseing market back to booming prices too ?

Oh my God, we are having bidding wars again! Is America's houseing market back to booming prices too ?

check this You-tube video, he tells everyone that the current climate of prices in Toronto is just crazy and that the bidding wars should be avoided. I don't understand, we are in a recession yet house prices are shooting up to 30% above and beyond the peak of where they were at 2008's peak prices. http://www.youtube.com/watch?v=fVu_N8KjwRo We are back into bidding wars for home, where people are lining up and camping outside of model-home offices just in the hopes of being able to become one of the few lucky ones able to be able to sign a purchase contract on a new home. There was a front page headline in the newspaper: "Homes are in short supply, prices shooting to the moon !" Everythings going just nuts up here in Canada, so I just want to know if prices are back to the same crazy appreciation in America too? In America, are you finding that your homes are going up 20%, 30% over last year's prices? If not, why not? Or, why are we?

Public Comments

Nope. Looks like Canada's housing market is in a bubble.
I think you are overreacting. One video clip on YouTube does not prove anything.
Not happening in Northern California
Yes in Certain Communities. Any place within an easy commute to Manhattan has always experienced bidding wars. Bergen County NJ has seen prices explode.
This is an older viedo. Buyers are jumping in prior to the new mortgage rules comming in. I suspect it will cool after. Homes have to be afordable. When it gets past what people can afford irit will settle down.