San Diego has 2nd highest rate of bidding wars in the USA, still semi-bearish

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Submitted by gzz on July 15, 2020 - 3:05pm

"The most competitive markets? Boston, San Diego and Salt Lake City.

Boston had the highest bidding war rate in June, of 72.4%....

San Diego and Salt Lake City closely followed – 65.7% and 63.8% of offers in those markets faced competition, respectively.

On the least competitive end of the list, Miami had the lowest bidding war rate of 32.4%, closely topped by Chicago’s rate of 37.8% and Las Vegas at 39.2%."

Unfortunately I think there's a good chance the stimulus wears off and we double-dip. The major parts of the stimulus:

$1200 checks - Short term boost that is running out

$600 unemployment boost - expires July 31, unlikely to be fully renewed

PPP - massive free money for nearly every small business and many independent contractors. De facto expanded recently by making it even easier to qualify for full forgiveness of the "loan." Doesn't seem like it will be repeated.

As these run out, California and other states are starting second waves of shutdowns. The Moderna vaccine looks like vaporware with as many side effects as the virus itself.

The news that covid antibodies do not seem to persist very long seems really bad, and makes me more pessimistic about a high quality vaccine.

The stock market wealth effect is positive, but looks pretty bubbly to me, complete with a rush of inexperienced retail investors that tends to be a sign of a market top.