I’m a younger millennial and bought just under 2 years ago. At like peak interest rates… Other than cost of houses what would a crash mean to the economy anyway?
The dollar has lost roughly 10% against all other currencies, because we are a debt laden nightmare that is either going to or beginning to default, going to not be the world currency / favored safe asset nation for bonds.
And we produce basically nothing tangible, we import a lot, so… everything gets more expensive.
Also we functionally just fired all our construction workers and farmers via ICE raids, so food goes up in price a lot, probably shortages, ie, famine… and we can’t actually build any new houses or warehouses or office buildings or anything without much higher cost, from both imported materials and higher labor costs…
Oh right and the dollar tanking generally means oil, gas goes up in price, so anything involving logistics is now considerably more expensive.
Oh and basically everyone in the bottom 2/3rds by income distribution is in massivr amounts of debt, so, garnished wages, reduced consumer demand…
Yeah, I could go on, but I am quite serious when I say this could actually be worse than the Great Depression.
… I hope to god you didn’t buy in roughly the lower 1/3rd of the country, almost all of those areas will be uninsurable within 10 years due to more frequent and more severe climate/weather events.
SoCals gonna burn down, Florida’s gonna sink/melt into the ocean, get washed out by hurricanes.
Possibly the only possible bright sidd is that if you have significant stock investments of some kind, those might ‘melt up’ to roughly keep track with the devuation of the dollar, so you may have a chance at at least treading water there…
… but basically everything else is going to be a shitshow, business can’t afford to pay the wages that would be necesssary for a worker to survive, amped up to 11… rents will probably start to trend down after a while though, as housing values nose dive.
Or maybe they’ll just say you need to have ridiculous income level to qualify, but we’ll give you 3 to 6 months of free rent.
They tend to do literally everything other than just lower prices for as long as they can.
I’m a younger millennial and bought just under 2 years ago. At like peak interest rates… Other than cost of houses what would a crash mean to the economy anyway?
Uh, in a few words:
Great Depression 2.0, potentially worse.
The dollar has lost roughly 10% against all other currencies, because we are a debt laden nightmare that is either going to or beginning to default, going to not be the world currency / favored safe asset nation for bonds.
And we produce basically nothing tangible, we import a lot, so… everything gets more expensive.
Also we functionally just fired all our construction workers and farmers via ICE raids, so food goes up in price a lot, probably shortages, ie, famine… and we can’t actually build any new houses or warehouses or office buildings or anything without much higher cost, from both imported materials and higher labor costs…
Oh right and the dollar tanking generally means oil, gas goes up in price, so anything involving logistics is now considerably more expensive.
Oh and basically everyone in the bottom 2/3rds by income distribution is in massivr amounts of debt, so, garnished wages, reduced consumer demand…
Yeah, I could go on, but I am quite serious when I say this could actually be worse than the Great Depression.
… I hope to god you didn’t buy in roughly the lower 1/3rd of the country, almost all of those areas will be uninsurable within 10 years due to more frequent and more severe climate/weather events.
SoCals gonna burn down, Florida’s gonna sink/melt into the ocean, get washed out by hurricanes.
Possibly the only possible bright sidd is that if you have significant stock investments of some kind, those might ‘melt up’ to roughly keep track with the devuation of the dollar, so you may have a chance at at least treading water there…
… but basically everything else is going to be a shitshow, business can’t afford to pay the wages that would be necesssary for a worker to survive, amped up to 11… rents will probably start to trend down after a while though, as housing values nose dive.
Or maybe they’ll just say you need to have ridiculous income level to qualify, but we’ll give you 3 to 6 months of free rent.
They tend to do literally everything other than just lower prices for as long as they can.