The good news in the US is that in many regions, renting is now actually cheaper than the total ongoing cost of owning a home (mortgage + prop tax + insurance + hoa), and we’ve even got segments where new homes are selling for less than old homes.
Bad news is that something like 30 million homes got purchased in the last 3-4 years, meaning most of them are underwater now, and thus at significant risk of becoming foreclosures, within this year.
The bubble is popping, but its huge, and moves in slow motion compared to say, the stock market.
The good news in the US is that in many regions, renting is now actually cheaper than the total ongoing cost of owning a home (mortgage + prop tax + insurance + hoa), and we’ve even got segments where new homes are selling for less than old homes.
Bad news is that something like 30 million homes got purchased in the last 3-4 years, meaning most of them are underwater now, and thus at significant risk of becoming foreclosures, within this year.
The bubble is popping, but its huge, and moves in slow motion compared to say, the stock market.