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It makes clear there is no expectation that fallout from a housing correction would be comparable to the 2007-09 Global Financial Crisis in terms of magnitude or macroeconomic gravity.
I will add that one does not see the type of crazy financing that was common during the housing bubble in the first half of the 2000’s. Back then, many lenders were willing to combine legacy terms like , no down, low/ no documentation, interest only ARMs etc.
There is no such thing as a national housing market. Real estate was, is and will remain local.
There are 41,683 zip codes in the US. Within zip, there are sub markets, neighborhoods/ sub divisions. Within neighborhoods/ sub divisions there are more or less desirable locations. Same thing with say a high rise condo. Typically, there is more demand for higher floors with views than lower floors with lousy views.
There are 2 sides to every real estate trade, a buyer and seller. Everything sells for as much as the local market will bear at the point of sale- always. That’s how the free market works. Sellers in desirable areas are not complaining.
In 2021, about 30% of buyers on average were first time buyers and most chose 30 year fixed rate mortgages.
One would think based on real estate threads to this particular sub forum, people blame and expect the Federal Government/ Biden to “ do something” to disrupt the free market.
The Feds have always "Done Something' to prevent home owners from losing their homes and propping up the housing market. With cheap money the feds have turned the real estate market into another stock market. I guarantee you if Obama didn't step in with programs just after the housing collapse to avoid foreclosures that 2008 housing bubble burst would have been far worse.
Whether or not this bubble is different from the last, there is something very unnatural when the price of housing far exceeds inflation and annual average wage increases. Something will give very soon.
Because the potato-in-chief stated only billionaires worth 100 million or more. Hint hint. 100 million is not billion.
Lying Democrats not good with math, facts or the truth.
Remember "if you like your plan you can keep your plan"?
Whatever they are saying is a lie. They will impose it on everyone.
The other thing you are not realizing is when the millionaires sell stock to cover the taxes, that drives down the stock price the rest of us own in our 401k's. Trickle down poverty.
They don't have to sell their stock to pay their taxes. That's the piece you're missing. Now Joe Six pack would have to sell to pay the taxes. This all has to do with people escaping estate taxes to begin with. You are upsetting yourself with something that will never affect you.
Only for cash purchases. Otherwise, property is only worth what a bank is willing to lend for it.
Lots of people paying cash and many others putting down way more than 20%. Banks aren't much of a factor when selling today......for now. The minute that changes, you will be right and then prices adjust downward.
They don't have to sell their stock to pay their taxes. That's the piece you're missing. Now Joe Six pack would have to sell to pay the taxes. This all has to do with people escaping estate taxes to begin with. You are upsetting yourself with something that will never affect you.
You haven't a clue. People don't leave cash lying around to pay millions in taxes on things they have not sold.
Again, knowing how to read a map is more important than knowing why the roads are there.
The crash will come before the boom.
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