Minneapolis house prices continue to fall

[rcsteiner]

Originally Posted by Citykid3785

I think this all goes back to a "New Normal." Our generation has to avoid measuring ourselves against what the previous generation had. Debt had given individuals and our government things we did not deserve.

I work for what I own, and I've been able to do that in spite of various setbacks. I'm sure most here can say the same.

It isn't our fault that a subset of citizens are taking advantage of things, and that a bunch of wall street and bank executives decided that lining their own pockets was more important than making responsible long-term investment decisions for their employers.

[queenswake]

Originally Posted by Citykid3785

I think this all goes back to a "New Normal." Our generation has to avoid measuring ourselves against what the previous generation had. Debt had given individuals and our government things we did not deserve.

Yep. Fundamental shift in a lot of things we all thought was given. Our parents went to college because they knew it was an automatic ticket to a good job afterwards. Those that didn't go to college had plenty of good paying blue collar jobs in the trades or manufacturing, many with pensions. You could look forward to a good life. Our parents could buy a house knowing that values were sure to rise at least at a modest rate and that they could always sell it down the road if they needed to and at least break even.

Those days are over. And all of these things are happening at a time when everything is expensive. Those who went to college and don't have a job to show for it are stuck with massive loans.

The good news is that the younger generation is going to be able to adapt. They like the idea of public transportation, living in cities, biking or walking everywhere. They don't need the big house and don't need to own their house. They will be the voters who sign off on more LRT lines and other smart moves. So there will be some positives from this new reality