Bubbles collapse. 2008 was the result of a massive mortgage bubble that some of us here at FR had recognized and were warning about for maybe as long as two years.
I still miss hydroshock
Search the news for Mortgage debt is back at 2008 levels. I see people getting home loans who should not be getting home loans now.
Example: One person has declared bankruptcy and use his daughter to get his last car loan. He took out two loans to purchase a house this year. Both approve.
Condos are going for extreme high prices 400K to 1M downtown, with people from up north investing in them as rental property. The average income around here is $31K. A lot of the condos are empty.
Friends and I have been wondering if we have a property bubble here. We are comparing this area to the 2008 bubble.
The house has double in value since 2008. To good to be true. Good thing I do not believe in equity loans... Beans and rice here...
New car sales are down, because of the price increases. The car inventory is growing.