Fed Chair Jerome Powell is The God of Hellfire! Or least home prices.
The Case-Shiller 20 metro home price index grew at 19.1% YoY even as The Federal Reserve has “slowed” M2 Money growth to 13% YoY.
Home prices are now growing at 4.75x hourly earnings growth. And existing home sales inventory remains low by historic standards.
All of the Case-Shiller metro areas were above 13% with Phoenix, AZ leading at 29.3% YoY. The slowest growing metro area is Chicago, IL at 13.3%.
The FHFA’s house price growth hit 17.38% YoY in June. Mortgage rates being low and Fed’s Balance Sheet and The Fed’s System Open Market Holdings sky-high.
Are Fed Chair Jerome Powell and The Fed Board of Governors the Gods of Hellfire?