Housing in Covid boom towns drop by 15%
(web.archive.org)
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So everyone who just moved to Florida and bought a house at more than double it's actual value will soon be underwater. Then the economic collapse will progress to them losing their brand new job and their house being foreclosed. I'm sure the banks will auction off the foreclosed homes for steep discounts, and not just hoard them as rental units, right? Right?
Here's hoping.
I am. I want a cheap foreclosure house.
They got a house in florida. If they came from commifornia or new york, that's still a good deal.
They'll have to. The era of a bank holding a house a decade, just to "flip" it for a profit are dead, and Xiden's inflation killed it. If the bank is owed X on a house, and inflation is Y percent a year, then the bank's options are to sell the house for X, or gamble on selling it for X(Y) a year from now.
Renting is going to be right out, because with inflation ramping up like it is now, any lease that's profitable at the last month is going to not be palatable in the first.