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That is because by 2012 there was a lot more confidence in the real estate market.
I think Patrick said it during his interview on TV about 11 years ago (was it on ABC's 20/20?) that you are buying a monthly payment when you buy a home.
It last peaked at 185 back in July 2006.
It was 100 on Jan 1, 2000.
*** Hence according to Shiller, the median USA home increased in value about 4% annually since 2000. *
Yet, I think average wages increased only by 2% or less since 2000. That is why I think interest rates (i.e., mortgage rate) has to stay low compared to previous periods, in order to compensate for low wage increases, and ensure affordability with the principal/interest/taxes/insurance (PITI) + hoa fee + maintenance. One option is the no-principal mortgage in order to lower the monthly cost.
Shiller is right, that the median USA home increased from the bottom of 2012 to current day by 53%.
reference: https://www.nytimes.com/2018/12/07/business/housing-boom-how-long-can-it-last.html
That is because by 2012 there was a lot more confidence in the real estate market. And also low mortgage rates were assisting the real estate market. I remember learning of someone securing a 3% rate (no points) 30 year mortgage thru the Veterans Administration back in 2016.
Now the 30 year rate is about 5% and likely to continuing to peak around 6.5% within the next 18 months. Back in 1998 the 30 year mortgage rate was about 6.5%.