Price memory on such a high value asset is also a factor here. People don't want to lose hundreds of thousands on real estate, so they refuse to lower their selling prices. They feel entitled to their inflated housing values.
That's true, but even if you manage to say sell your middle class home for $700k, you're going to lose about 10% of that, and if you're a first time seller I think there's still that 4% Obama tax.
And then you basically can't purchase a similar home again.
Price memory on such a high value asset is also a factor here. People don't want to lose hundreds of thousands on real estate, so they refuse to lower their selling prices. They feel entitled to their inflated housing values.
That's true, but even if you manage to say sell your middle class home for $700k, you're going to lose about 10% of that, and if you're a first time seller I think there's still that 4% Obama tax.
And then you basically can't purchase a similar home again.