“My former neighbor Earl said he could have gotten $50,000 more for his house if he had sold last year. China has falling housing prices.”
I don’t care much about China, but houses are overpriced in the US thanks to the way we continue to juice the home mortgage industry.
The Chinese Real Estate bubble-burst real. Real Estate is the only thing that Chinese citizens are legally allowed to invest their earnings in. And it has been a disaster. Millions of people have lost their life’s savings.
Those houses all over China that have second stories that are unfinished are because people could get more money from the government if they built a second floor on a house, but the benefit only required that you begin building it. You didn’t have to finish it.
And those ghost cities with their shoddy construction-those are real. Hundreds of millions of Chinese invested in that market, thinking they could buy property to either use or rent out, and it is uninhabitable.
When people planned to protest this at the big banks in China back in 2020-2021, the government (monitoring their every move) sniffed out their plans, and overnight when they were supposed to leave the next day to travel to the protests, their QR codes signifying COVID health changed from green to red. They were unable to get on busses, trains, planes, drive their cars, buy food, rent a room, or even leave their houses.
This is what our Deep State based government would do to us if we let them. Thank God for President Trump and his administration.