Why Housing Is About to Go "Pop!"

[Komissar]

Мы тоже ждем-с. Можно сказать, заждались А кирдыка все нет и нет.

Кирдык, выходи, хватит прятаться (в российской глубинке)!

[OtecFedor]

И если серьёзно: можно получить информацию о менее придурковатых моделях поселения?

Посмотреть как люди по-другому живут? Welcome to NYC, Boston, SF и т.д. В чем проблема то?

Понял-понял-понял... Кроме как на помойке, жизни нет... А то, типа, от бара как добираться обратно? Подростковые комплексы, в общем.

Пригород - это и есть движение вперёд от муравейников, характерных скорее для слаборазвитых стран. Другое дело, что вложений требует немалых в инфраструктуру, и времени на развитие.

На эту тему написаны горы литературы и поиск по словам urban planning, suburban sprawl выдаст вам море ссылок. Модель поселения должна отвечать экономическим реалиям. При нынешней поситдустриальной экономике реалия такова что требуется сложная инфраструктура и большая концентрация людей на единицу площади, тот самый слаборазвитый муравейник, можно без баров. Просто фабрики в чистом поле и рабочий поселок вокруг как 20м веке уже никто не строит. Ну почему тот же Гугл не открыл штаб-квартиру в Севеврной Дакоте, где все в сто раз дешевле чем засиженой Бей-Эрии?

[OO8]

Ну почему тот же Гугл не открыл штаб-квартиру в Севеврной Дакоте, где все в сто раз дешевле чем засиженой Бей-Эрии?

А что, Гугл свою штаб-квартиру в downtown San Francisco открыл или таки в нелюбимой вами сабёрбии?

[Oleg_B]

1 Модель поселения должна отвечать экономическим реалиям.
2 При нынешней поситдустриальной экономике реалия такова что требуется сложная инфраструктура и большая концентрация людей на единицу площади, тот самый слаборазвитый муравейник, можно без баров.
3 Просто фабрики в чистом поле и рабочий поселок вокруг как 20м веке уже никто не строит.
4 Ну почему тот же Гугл не открыл штаб-квартиру в Севеврной Дакоте, где все в сто раз дешевле чем засиженой Бей-Эрии?

1 Согласен
2 Это кто Вам сказал? Противоречит пункту 1. Постиндустриальной экономике концентрация не нужна. Косвенное подтверждение тому - аутсорсинг.
3 Здесь Вы сами с собой боретесь... я про фабрики ничего не писал, про поля - тоже. Необходимость жить рядом с заводом была когда машин не было, с тех пор всё изменилось.
4 Сабёрбия - это совсем не деревня! Люди уезжают из загаженных городов в гораздо более (за те же деньги) комфортабельный пригород. Безопасность, чистый воздух, комфорт, отличные школы - идеал для выращивания детей. Город - идеал для одиночек, для семьи не очень подходит.

Я жил в Москве, там родились мои дети. Сейчас живу в пригородах Бостона (не в клоачных ближних, а в нормальном белом районе). Когда я спросил 15-летнего сына, не хотел ли бы он чтобы мы жили в городе или хотя бы в даунтауне нашего городка, он однозначно ответил - ни за что! Раньше, сразу после Москвы, быть может и согласился бы, мол... а сейчас - дураков нет.

[Kalifornian]

Мы тоже ждем-с. Можно сказать, заждались А кирдыка все нет и нет.

Помнится кто-то здесь писал, что в июне будет больше жилья на рынке, типа дети школы окончили и родители переезжают. Но объем предложения тот же. Правда три месяца назад в интересуюшем меня зипкоде было много чего дешевле 500K, месяц назад аж два таунхауса дешевле 500K, а сегодня глянул самое дешевое это 2 bedrooms барак плошадью 814 Sq Ft за 560K. Абыдно.

[dkny]

точно, купили недавно дом, лишь пару месяцев спустя за ту же цену можно найти дома только в раза меньше и старые

[Komissar]

Мы тоже ждем-с. Можно сказать, заждались А кирдыка все нет и нет.

Помнится кто-то здесь писал, что в июне будет больше жилья на рынке, типа дети школы окончили и родители переезжают. Но объем предложения тот же. Правда три месяца назад в интересуюшем меня зипкоде было много чего дешевле 500K, месяц назад аж два таунхауса дешевле 500K, а сегодня глянул самое дешевое это 2 bedrooms барак плошадью 814 Sq Ft за 560K. Абыдно.

А мои знакомые (ищут дом на Пенинсуле - Фостер-Сити и южнее) говорят, что сейчас домА стоят на рынке дольше, а на нек-рые даже понижают цены на 10-20 тыс.

[Komissar]

Ага! В Южной Кали уже затрясло :

We are in south OC. The market was a hot sellers market; low inventory and lots of motivated buyers. It pushed prices up like a rocket. Now, all of a sudden, the market has done a 180, and it is a hot buyers market. Inventory has increased 5 fold in my city alone, and most buyers are looking in all surrounding cities, not just one specifically. Despite a well priced home, (we are probably the best priced for the size in our area), we are barely getting any showings. When we first listed, we sometimes had 5 on a weekday! It's very frustrating, to say the least. Great for buyers though!! Buyers are taking their time, rates have inched up which decreases affordability also, so they are not rushing in to any decisions. Fair enough, i would take my time too if I was a buyer, but as a motivated seller it can be rather depressing!

http://ths.gardenweb.com/forums/load/re ... 31815.html

[OtecFedor]

Постиндустриальной экономике концентрация не нужна. Косвенное подтверждение тому - аутсорсинг.

А вот и нихрена подобного. Весь high-tech action в нескольких очень скученых metro-areas которые можно пересчитать на пальцах. И там же дорожают дома как бешенные потому что физически нет больше земли (если исключить коммьют миль на 100 в стоячем трафике). В остальных же местах, все традиционные ремесла потихоньку умирают из-за упомянутого аутсорсинга. Там и дома ничего не стоят.
Я помню лет 8 назад правительство Миннесоты (по-моему) пыталось создать вторую силиконовку у себя и аргумент был много дешевой земли и дешевого всего даже реклама в прессе- "То что у них в Калифорнии парк, у нас бэкярд". Не вышло, хотя казалось бы, нахрена нужна концентрация.

[Komissar]

Я не знаю конкретной истории с Миннесотой, что и как там не сложилось. Но в Америке много мест, к-рые были целенаправленно и успешно превращены из "у черта на куличках" в Нью-Васюки.
Навскидку: Орландо (Дисней), Рочестер (Кодак), Research Triangle North Carolina (Glaxo и др. фармац. фирмы), Детройт (автозаводы). Старожилы Силиконки еще помнят, как в Сан-Хосе ездили затовариться свежими фруктами-ягодами. Где сейчас фривеи и небоскребы, там гектарами шли сады и оранжереи.

Сан-Диего еще совсем недавно считался "городом военно-морских баз", а сейчас там, можно сказать, столица биотека.

Остин (ТХ) оброс хай-теком тоже совсем недавно.

[Kalifornian]

А мои знакомые (ищут дом на Пенинсуле - Фостер-Сити и южнее) говорят, что сейчас домА стоят на рынке дольше, а на нек-рые даже понижают цены на 10-20 тыс.

При стоимости самого дешевого дома в Фостер-Сити в 750 тыс, понижение цены на 10-20 тыс, что мертвому припарки.

А вот опять про грядущий кризис Alarm over price of homes

[ax3816]

Gross exaggeration?

Bond fund guru says global economy is more uncertain than at any time in decades. How right is he?
June 17, 2004: 4:38 PM EDT
By Mark Gongloff, CNN/Money senior writer

http://money.cnn.com/2004/06/17/markets ... tm?cnn=yes

[Kalifornian]

How high can they go? Single-family homes' overall median price tops $500,000 in Bay Area

The median price of a single-family home in the Bay Area hit a record $530,000 in May as home prices jumped 18.8 percent year-over-year and sales reached a 16-year high, according to a real estate information firm.

[Kalifornian]

Не поймёшь их то лопнет, то не лопнет!

State housing bubble unlikely anytime soon, conference told

By David A. Sylvester

Mercury News


LOS ANGELES - Homeowners may worry that interest rates are starting to rise and hurt the price of their biggest personal investment, but at least for this year California real estate is not likely to pull a ``Nasdaq.''

That's the basic conclusion from the new UCLA Anderson Forecast and a conference Tuesday of 200 real estate professionals and economists, focusing on whether there's a housing bubble ready to burst.

The key reasons not to worry unduly? As long as the Bay Area creates new jobs, which seems likely later this year and next, and as long as the supply of housing remains tight, it's unlikely prices can fall much.

``We're at the top of the growth rate, but prices are going to keep going up,'' concluded Robert Keller, a mortgage broker and owner of the Warner Center Realty in Valley Village after listening to three hours of debate.

``There's no bubble,'' another real estate broker declared as he left the conference.

The economists are less sure. Edward Leamer, director of the forecast, signaled he worries that rising interest rates may trigger an unwelcome snowball effect on housing and then on consumer spending that could raise the risk of a recession over the next two or three years. If that happens, then it's a whole new ballgame.

It's a ``very fragile housing market,'' Leamer said.

Next week, the Federal Reserve Board under Chairman Alan Greenspan is all but certain to raise the federal funds rate, the rate for banks lending overnight to each other, from its 40-year low of 1 percent.

Chris Thornberg, UCLA forecast senior economist, believes San Francisco and Los Angeles real estate are clearly overvalued, and the kind of price increases we've seen over the last year are not sustainable.

The economists are more pessimistic than the real estate professionals because they believe home prices follow the trends in apartment rents. As rents have fallen, that means potential homebuyers may rent longer and put off buying homes.

But those in real estate look at home prices based on simple supply and demand in the housing market and point out the low numbers of homes available for purchase.

In Santa Clara County, 2,889 single-family homes and townhouses were for sale a week ago, a bit below the average of 3,000. During the Nasdaq bubble, the inventory sank as low as 600 to 700 available, and shot up to 5,500 during the summer of 2001 when the tech economy was sinking.

Moreover, the Bay Area has reasons to have some confidence in prices over the long-term, others say.

The lack of building has produced a supply crunch that hasn't provided enough homes to accommodate rising immigration with families. Those baby boomers who have started retiring aren't leaving the area, as they might in the Northeast where the climate is inhospitable. And residents aren't leaving the Bay Area as they did in other well-known regional busts, such as the aerospace contraction in Southern California in the early 1990s or the oil patch decline in Texas in the 1980s.

In fact, it's possible the Bay Area has passed the worst of the danger after the dot-com meltdown, when tech jobs disappeared in Santa Clara County during what's now seen as the worst regional decline in the United States on record.

``It's surprising that prices haven't collapsed as they did in southern California 10 years ago,'' said Michael Dardia, economist at Sphere Institute

[ax3816]

Не поймёшь их то лопнет, то не лопнет!

LOS ANGELES - Homeowners may worry that interest rates are starting to rise and hurt the price of their biggest personal investment, but at least for this year California real estate is not likely to pull a ``Nasdaq.''

Насколько я помню кирдык обещали в конце 2005 - начале 2006 года, так что ещё не время Пусть сначала процент поднимут - тогда и посмотрим.

``There's no bubble,'' another real estate broker declared as he left the conference.

Угу, а то он признается

Во время dot-com бардака некоторые stock brokers тоже говорили, что всё будет пучком и втюхивали сильно переоцененные стоки, а потом оказалось, что им компании башляли, чтобы они их стоки продавали. Посмотри сколько сейчас компаний судят. И где те брокерные компании, которых наплодилось видимо-не видимо? То-же самое будет и с RE agencies, которых наплодилось в последнее время.

[Kalifornian]

The Ever More Graspable, and Risky, American Dream
By EDMUND L. ANDREWS

ANAHEIM, Calif. - For years, Ray and Shahrazad Daneshi sought to buy a home, only to be told that they did not earn enough to qualify for a mortgage. But they recently managed to buy a small house in the shadow of Disneyland for $360,000 - six times their annual income - thanks to a lender who allowed them to borrow the entire value of the home, with no down payment.

"We will not be going to any movies or eating out at restaurants," said Mr. Daneshi, a self-employed wedding photographer who came here from Iran in 1988. "But in two years, the house will be worth a lot more and we will have something to show for it."

The Daneshis' purchase underscores the new, ever-optimistic economics of home buying. A kaleidoscopic array of mortgages for people with little cash or overstretched budgets has enabled families of modest income to take on debt that once would have been beyond their reach. As long as new home buyers could count on rock-bottom interest rates and housing values were going nowhere but up, this seemed to be a virtuous circle.

But now, with the Federal Reserve expected to embark on a series of interest rate increases starting with its meeting on June 30, some experts worry that recent first-time buyers could find easy home ownership a lot harder on their wallets, possibly causing housing prices to wobble in some high-price markets.

With the Daneshis, for example, rising interest rates on the two adjustable-rate mortgages they took out to buy their house would mean that their monthly payment of $2,500 - already more half their monthly income - could go up substantially in two years. Mr. Daneshi realizes that, but is unconcerned.

"Why worry?" he said, adding that he believes rising home prices will help him obtain a better loan deal by then.

With interest rates going up, that may be wishful thinking. Most analysts agree that there is no nationwide housing bubble because housing prices have climbed only slowly in the Midwest and the South, even as they have soared on the East and West Coasts. Still, if rising interest rates cause housing prices to drop, even slightly, industry officials warn that some new buyers will have no equity in their homes and could choose to walk away from their loans if they run into trouble with payments.

"A lot of these loans are dangerous," said Allen Jackson, manager of Bristol Home Loan in Bellflower, Calif., a mortgage broker who specializes in so-called subprime loans, which charge higher interest rates to people unable to qualify for traditional mortgages. "If you have any dip in values, people can just say the heck with it because they don't have any of their own money in the house."

Lenders have aggressively encouraged home buyers to stretch in ways that would have been unimaginable a decade ago. In the new world of flexible mortgage lending, it is possible to buy a $600,000 house with no down payment, and to pay only interest and nothing on the principal for years.

"The financing has changed everything," said Humid Karat, a manager of Tarbell Realty's office in Anaheim. "Ten years ago, if I offered to buy your house with a 100 percent loan, you would have called it 'creative financing' and thought I was crooked. Today, everybody wants a 100 percent loan."

The volume of subprime mortgages, primarily for people with poor credit ratings, has risen sharply, as indicated by securities backed by the mortgages. Such securities soared to a total of $195 billion in 2003 from $17 billion in 1995, according to Inside Mortgage Finance, an industry research firm in Bethesda, Md. Securities backed by unconventional mortgages, like no-money-down loans, climbed to nearly $80 billion from less than $1 billion.

"Underwriting standards have loosened to almost historic levels," said Bill Dallas, a pioneer in no-money-down loans and a board member of the California Mortgage Bankers Association. "Nobody is heeding the yield signs."

Experts say these novel techniques have democratized the access to credit and home ownership. The overall rate of ownership climbed to nearly 69 percent in 2003 from 64 percent in 1994. Home ownership among blacks rose to 48 percent from 42.2 percent. Among Hispanics, it was up to 46.4 percent from 41.1 percent.

But the experts worry that problems may be just over the horizon, especially in markets where housing prices have risen far faster than personal income. Here in Orange County, one of the frothiest markets of all, the median price of a single-family home is $572,000, up 28 percent in the last year alone.

In the New York area, the median home price - half were less expensive, half more expensive - rose 88 percent from 1998 to 2003, to $353,000 from $188,100; in Miami, prices jumped to $226,800 from $121,500. The median home price for the Washington area increased to $286,200 from $172,100.

Signs that the frenzy has not yet reached a peak abound in Southern California. In Ladera Ranch, a planned community in the southern part of Orange County, more than 1,000 people are on a waiting list for the chance to buy one of 27 unbuilt three-bedroom houses at prices starting in "the low $400,000's." In San Bernardino County, where some commute as long as two hours a day to jobs in Los Angeles and elsewhere, a five-bedroom tract house that sold for $378,000 a year ago is on the market again for $609,000.

Mark Zandi, chief economist at the research firm Economy.com, estimates that about a third of the nation's housing is now overpriced and poised for at least a mild drop in values as the Fed begins to push up rates.

And there is a risk that the situation could turn into something a lot worse. "If there is a fissure in the economic system, it's in housing," Mr. Zandi said. "This is a big, rapidly growing market that has not been tested by higher interest rates. Many people got into their houses by the skin of their teeth."

Southern California is at the leading edge. People with poor credit ratings or low incomes can take out subprime mortgages at high interest rates. Those with good credit but erratic earnings can get what are called no-document loans, in which they do not have to prove their incomes.

By any measure, such innovations have vastly expanded the availability of credit over the last decade, making it possible for people previously shut out of the market to share in the dream of home ownership.

"Thanks to God for finding me a mortgage program that let me buy my own house," Mr. Daneshi said.

He and his wife, a seamstress at Disneyland, had lived for years in a cramped apartment with their autistic son. They took out two mortgages this month, one for $280,000 at 6 percent and the second mortgage for $80,000 at 10.25 percent. Both are adjustable after two years, and the payments are virtually certain to rise, meaning that their budget will be further pinched unless their income rises, too.

And they are hardly alone in stretching.

Mark Christian, 33, a controller at a stock brokerage firm, is buying a four-bedroom house for $620,000. Mr. Christian, who earns $160,000 a year, is also borrowing the entire purchase price. To keep his monthly payments down to $3,700, he is taking out an interest-only loan.

Mr. Christian is already bracing for higher monthly payments. His mortgage will adjust to prevailing interest rates after three years, which he expects will be higher. "I'm figuring that my income will have climbed by then as well," he said.

House prices have climbed so rapidly in the last few months that banks are refusing to appraise some properties as high as their selling prices.

Jennifer Tracy, a graphic designer, recently agreed to buy a condominium in Los Angeles for $235,000. But the same property had exchanged hands less than a year before for $114,000, and no appraiser would value it at more than $195,000. Ms. Tracy bought the condo anyway, but only after coming up with the extra cash to bridge the gap.

The big question is whether prices will remain so high once the Fed begins raising interest rates.

Real estate agents and many homeowners here vividly remember that Southern California housing prices soared in the 1980's and then fell in the early 90's - the bubble ruptured by a combination of rising rates and a severe contraction in the region's aerospace and armaments industries.

Today, interest rates are clearly heading up, but employment is climbing and economic growth appears strong. As a result, the Fed is widely expected to start raising rates at the end of this month, and some analysts worry that it may have to raise rates more sharply than originally planned to keep inflation under control.

Mr. Zandi, of Economy.com, said that in overheated markets like Southern California, housing prices could easily drop at least 5 percent.

Mortgage brokers who help people qualify for bigger loans, acknowledge that they are nervous. But for the moment, they are pressing ahead.

"What can I do?" asked Mr. Jackson, the manager of Bristol Home Loan, the subprime loan specialist. "My job is to help people realize the American dream."

[Kalifornian]

They took out two mortgages this month, one for $280,000 at 6 percent and the second mortgage for $80,000 at 10.25 percent. Both are adjustable after two years, and the payments are virtually certain to rise, meaning that their budget will be further pinched unless their income rises, too.

Это что за безумные рейты?

[OtecFedor]

Я не знаю конкретной истории с Миннесотой, что и как там не сложилось. Но в Америке много мест, к-рые были целенаправленно и успешно превращены из "у черта на куличках" в Нью-Васюки.
Навскидку: Орландо (Дисней), Рочестер (Кодак), Research Triangle North Carolina (Glaxo и др. фармац. фирмы), Детройт (автозаводы). Старожилы Силиконки еще помнят, как в Сан-Хосе ездили затовариться свежими фруктами-ягодами. Где сейчас фривеи и небоскребы, там гектарами шли сады и оранжереи.

Сан-Диего еще совсем недавно считался "городом военно-морских баз", а сейчас там, можно сказать, столица биотека.

Остин (ТХ) оброс хай-теком тоже совсем недавно.

Про всякие Орландо и Лас Вегасы не знаю, а Рочестеру приходит планомерный пи*дец, вместе со всякими Баффало и Сиракузами. Хай-тек кучкуется рядом с хорошим уневерситетом. Сликоновка есть оной потому что рядом Стэнфорд, Бостон-МИТ, Атланта-Эмери и т.д. Хороших унивеститетов немного. Почему так, не знаю, наверно важно иметь географически рядом молодежь, буквально next door. То что хай-тек можно спланировать и двигать прогресс в вдали от суеты в прохладе лесов думали корпоративные планировщики, отсюда все эти центры- Кодак в Рочестере, ИБМ в Йорктауне, Белл-Лаб и т.д. Все они после хорошего старта засклеротизировались и помирают бесславно.

[ax3816]

Mortgage demand dips as rates drift

Refinancing applications slide 4.7 percent, purchase applications fall 4.2 percent before Fed meets.
June 30, 2004: 7:10 AM EDT

NEW YORK (Reuters) - New applications for U.S. mortgages fell last week after rising for two straight weeks, even as interest rates on 30-year mortgages were unchanged, an industry group said Wednesday.

http://money.cnn.com/2004/06/30/real_es ... /index.htm

[AnyaGal]

Ну что, вот ставку и подняли на 0.25 первый раз за 4 года.

http://moneycentral.msn.com/content/CNB ... p?GT1=3584

Пишут, что к концу 2004 до 2% доведут.

[ax3816]

Associated Press
Update 1: Banks Raise Rates on Fed Move
06.30.2004, 04:32 PM

http://www.forbes.com/home/feeds/ap/200 ... 40413.html


Borrowings like mortgages are not impacted by the Fed funds rate or by banks' prime rates but are instead linked to the yields on U.S. Treasuries and other indices, which traditionally price ahead of anticipated rate hikes. Home-equity loans are based on a fixed rate, and are protected from a jump in prime rates.

[ax3816]

Пишут, что к концу 2004 до 2% доведут.

и следующее же предложение :

In a year, said UBS Financial Services Economist Maury Harris, look for the rate to hit 3% and possibly 4%


Debate is back for Fed predictors
Agreement before meeting is thing of the past
By Corbett B. Daly, CBS Marketwatch
Last Update: 4:28 PM ET June 30, 2004

http://cbs.marketwatch.com/news/story.a ... ist=google

"The central bank will hike the interest rate by a quarter point at each of the next four FOMC meetings reaching 2.25 percent by year-end 2004," said Sung Won Sohn, chief economist for Wells Fargo.

Sohn added that the Fed is aiming for a 4.0 to 4.5 percent federal funds rate by the end of next year.

But Diane Swonk, chief economist at Bank One in Chicago said she doesn't "think we'll see (another rate hike) until September."

The FOMC is scheduled to meet next on Aug. 10 and again on Sept. 21. Swonk said she sees the funds rate at 1.75 percent at the end of the year.

[ax3816]

Will the house of my dreams break my budget?

In day two of a special series, contributor Jean Chatzky talks about what you need to consider before financing the home you want

By Jean Chatzky
Contributor
Today show
Updated: 12:08 p.m. ET July 06, 2004

http://www.msnbc.msn.com/id/5372175/

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U.S. mortgage applications jump
Measure of mortgage activity at two-month high

REUTERS
Updated: 11:10 a.m. ET July 07, 2004

http://www.msnbc.msn.com/id/5385645/

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Bursting Bubbles
The end of cheap money threatens local property bubbles from Seattle to Sydney. The bursts will rattle cocktail parties, but (probably) not the global economy.

By Karen Lowry Miller
Newsweek

http://msnbc.msn.com/id/5359494/site/newsweek/

Much of the debate about the impact of a housing bust focuses on how many local bubbles there are, and what happens if they all burst at once. One pessimist, Dean Baker, codirector of the Center for Economic Policy and Research in Washington D.C., expects a 20 to 30 percent correction in the United States and last month acted on his prediction. He sold his condo for nearly three times the $160,000 that he and his wife paid in 1997, moving to a rental two blocks away. "All housing markets clearly are local," he says. "But when you have bubbles in as many areas as we do, this is a bubble that will have national impact."

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Prices Down Under eased in the first quarter of this year, triggered by a crackdown on dodgy seminars offering get-rich-quick schemes for speculators in property—and by two quarter-point rate hikes by the central bank since November. Investors, betting that rates don't have much further to rise, have fueled a stock-market rally, but who knows how long it will last.

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There are signs that U.S. real estate may be peaking. Rental prices have dropped in Seattle and San Francisco, and in some cities sellers are cutting asking prices. But consensus opinion remains sanguine. Next year Shiller will reissue "Irrational Exuberance," his prescient 2000 warning against the stock bubble, with a new chapter on global property markets. He says he's concerned about a housing bubble, "but just concerned." Morgan Stanley's U.S. economist Richard Berner says housing prices will "rust, not bust," and that the threat of household debt is overblown. The chief economist for the National Association of Realtors, David Lereah, represents the optimistic extreme. He says that U.S. house prices have never ended a year with a nationwide decline since the data were first collected in 1978, and are not about to fall now. His upcoming book sums up the realtors' view: "Are You Missing the Real Estate Boom?" In the world's hottest markets, though, buyers may already have.