Been here before.
You will own nothing, but you’ll be happy!
As prices go up people limit spending to what they need most. Like food. The liars who fix a value to inflation cherry pick the items that go up in price in order to minimize the actual number. We all know just how much food prices have gone up and it’s definitely more that 10% a year.
That will not happen for many.
If you remember what happened after the 2008/09 crash, a lot of people were allowed to keep houses they couldn’t afford.
Dems/libs/community organizers(obama - ACORN) forced banks to make bad loans. Many of those very high risk loans were written down to an amount the high risk borrower could afford. They got to keep the house and pay a lot less than market value. In other words, another “redistribution of wealth.”
Been here before.
Being priced out of a house will not drive you to homelessness. That’s a gross exaggeration. If you fall short of being able to buy a house, you are still doing pretty well and can rent.
The people in homeless camps were never potential home buyers. Almost all of them are unemployed, unemployable, mentally ill or on drugs...or all three.
The value of my little inner-city condo, which I own outright, has skyrocketed to a such a ridiculous degree that I am considering selling it, pocketing the cash in gold, and living in a tent until the prices crash into the depths of 2010. Then I’ll buy four houses.
The plan is to price everything beyond he reach of regular families, then step in and offer “free whatever” from uncle sugar = instant socialism.
You will own nothing and Klaus Schwab will be happy.
Home buyers waiting for prices to track lower along with sales may find they are waiting around for a while. This could change IF the government enforces price controls on home costs. Granted, that is highly unlikely.
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Price controls on home costs would be a catastrophically stupid decision. It would result in reduced supply.
It’s hard to have a productive discussion about the increasing cost of housing, without confronting the artificial increase in demand brought on by millions more people coming into the American market every year through legal and illegal immigration. They live somewhere...and many times it’s the government that is paying the rent and making available housing more scarce.
I’m starting to see a shift in the market in suburban Taxachusetts. Higher median DOM, more price cuts - things appear to be softening.
Maybe the higher interest rates are actually cooling things down?
Joe Biden = Murphy’s Law
In reality the extremely low interest rates until recently enabled many more buyers in each price range to qualify for the available homes. Competing offers resulted in bidding wars, driving prices higher.
Rising interest rates have knocked many buyers out of their desired range, so fewer multiple offers are being submitted. Prices will not moderate as quickly as they escalated.