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this post was submitted on 14 Sep 2023
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The housing market needs to crash. Prices nationwide are insane. Bubble needs to pop
No. The price is high because inventory is low. Crash happens now it won't lower prices. Companies will stop building, prices will shoot upwards due to frozen inventory. Picture only million dollar homes with no buyers, sellers can't sell at a loss, and hundreds of millions of homeless. 2008 happened due to an inflated inventory and prices. There's no inventory this time around, it's going to fucking hurt. Great Depression round two. The stock market is going to be the thing to break this go round, and then everything goes.
Prices are high because companies are algorithmically raising rents for groups of landlords or outright buying up half of all new single family homes as large scale investments. The market is screwed because of entirely new reasons never seen before, clearly demonstrated by all the conflicting signals about what is healthy and what isn’t. This is a market failure when timely information isn’t transmitted to the rest of us, monopolies are thinly veiled, and taxpayers keep being forced into subsidizing and bailing out outdated businesses that should be left to fail.
Hundreds of millions? 1/3 of the U.S.? I don't really see that. Even if the value of your home drops to $0 it wouldn't automatically make you homeless as long as you can pay the mortgage or if you have it paid off. And the mortgage payment would stay the same cuz we have 30 year fixed rates.
Hundreds of millions of homeless people in the U.S. wouldn't just hurt, it would be a total collapse and the end of society as we know it here, not to mention we'd drag most of the world down with us.
There's loads of inventory, just not a whole lot available in dense areas. No idea where you're pulling "hundreds of millions of homeless" from.
Not sure where that loads of inventory is. Listings are at record lows.