Risk of overheat now --- driving irrational buying

(“America’s Housing Market Is Officially Over-Heating Everywhere. How Long Will It Last?,” pg online @ //um-ef)

By the numbers, however, it’s becoming harder and harder to argue that America’s housing market isn’t already over-heating. Inventory in many regions has hit record lows. Days on market are now measured in hours. Home prices are up 15.8% on average year-over-year across the country according to a recent National Association of Realtors’ report (and in some places like Miami are already officially in super-boom mode). And in markets like Nashville, Sacramento, and Boise contractual absurdities like waiving all contingencies are now standard conditions as panicked buyers over-reach to get in on the action before the current boom decelerates.