Housing crash…
Call me a doomer but this Bubble has to burst, right?
After the 2008 crisis, they put in a few safeguards:
1. Programs to prevent mass foreclosures
2. Tighter federal control of key mortgage institutions (no more NINJA loans)
3. Stricter mortgage lending rules (they were giving mortgages to people with zero income lol)
3. Financial regulation reform (Dodd–Frank Wall Street Reform and Consumer Protection Act & creating the Consumer Financial Protection Bureau)
tbh, I don’t think we’ll see a huge drop. There’s actually a nationwide housing shorage right now! When we got married, we wanted to live all over New England, so we’ve always rented. We got stuck in our current rental due to COVID. Average rent here in Connecticut is $1,950 & the average mortgage is $2,400, Previously the rental gap was over $1,000.
10 years ago, the median house price here was $270k. 5 years ago, it was $320k. Today, it is $449k. The prices here have n early DOUBLED in just a decade! At this point, I kinda just want to build a Barndominium lol.