US real estate market get fucked. Time for home prices to start coming down.
(media.kotakuinaction2.win)
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Looks like for now, it's just giving back the gains made during Covid.
The market initially tanked early in COVID, and then got hot right afterwards, then tanked. The same thing happened with the stock market.
It happened because of the trillions of dollars the Democrats - primarily - flushed into the economy as a "stimulus" when COVID itself had not been particularly harmful to the economy to begin with. So you had this bubble time of everyone blowing out their spending thanks to the US government money printer going BRRRRRR.
And yes, the Republicans and Trump in particular spent like blacks who just got reparations checks in 2020, though the Senate did try to hold it back somewhat. Had it ended there, we would have been okay. The problem was that as soon as Biden got elected, he was all like BUT MOM SAID IT'S MY TURN TO RUN THE MONEY PRINTER!!! and he proceeded to add another $7 trillion in extra wasteful COVID "stimulus" on top of the excessive spending of a few trillion in 2020. Most of the 2020 spending was loans anyway, so the dollar amounts on the bills looked bigger than the real spending. This wasn't the case with the Biden "American Rescue Plan" and "American Families Plan" and their "Infrastructure" bill and "Inflation Reduction Act", all of which fully blew through their money without repayment.
Then reality showed up and reminded everyone that you can't just print money without paying for it, and inflation hit hard. Then you had stagflation, Jimmy Carter style, with an economic rescission hitting at the same time as historic inflation.
Home prices are still inflated, hence why sales have dropped precipitously: people choosing not to buy.
Look at the same drop in the 2008 crisis: it didn't happen in 2008, it happened in 2006 and 2007, in fact the rebound was in 2008, but we all remember 2008 as the "crisis" because that's when the prices fell and the economic pain was felt. Prices were quite high in 2007.
So 2023 should be a year where home prices get crushed. You love to see it.
In Europe, they have found a better way to inflate home prices: not build any new homes while importing millions of aliens.
San Francisco and some other places in the US have NIMBY type activism to block more homes being built, because: (1) "community organizer" libtard groups demand they be paid off for any development and there is a general hostility towards "gentrification", (2) people don't want more traffic, and (3) existing homeowners WANT prices to spike.
There was a study I saw, I can't remember exactly, of how there is 1 big city with a state border down the middle, maybe St Louis, where 1 half of the city had libtard regulation and super high rents, while the other half did not have that regulation and rents were far lower. Libtards do it to themselves. They ruin everything they touch.