75% of Americans plan to buy a home if the market crashes, per Consumer Affairs.
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Definitely not true.
Didn't happen in 2008 when the market actually did crash.
A drop yes. Doubtful we will crash like the mortgage debacle. Not with work from home which made living space that much more valuable and building materials and labor that more expensive.
I think the difference is that in 2008, no one was prepared as Lehman was a surprise. Now many are expecting and prepared for bargain prices.
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& not with banks & the “big boys” flush with all the cheap capital they got over the past decade/2y.
The amt of $ in RRP tells me lots of willing buyers to step in and buy-out anyone who DOES default & mitigate crisis that comes in housing, not to let it get to the point of GFC
They just refi and added homes. Our Washington mutual branch was funding 30 million a month from 2007 to 2008. Crazy times.
This is by far worse than anything happening in 2008. Salary’s in most cases are less nominal than 2008 and median prices are double 2008 and they could not afford it then!
20% drops already, but mainstream media has been warned to NOT report or lose advertisers unlike 2008
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