cross-posted from: https://lemmy.world/post/3560407
Considering how crazy expensive accommodations have become the last couple of years, concentrated in the hands of greedy corporations, landlords and how little politicians seem to care about this problem, do you think we will ever experience a real estate market crash that would bring those exorbitant prices back to Earth?
I (age 60) remember buying my condo in 1991 or so, interest rates about 7% with a VA-guaranteed loan. My parent's first mortgage was 2% or 3% but my mom, a Realtor, said those days were permanently gone. (They weren't. I had that in the house I bought in 2010.) But it felt forever at the time, and she thought it would be forever.
Nothing is forever. It may crash, but something else we can't imagine might happen too. I think we all agree the present situation is unsustainable.