I’m wishing for a total collapse comparable to 2008. I wasn’t in a position to take advantage back then. Now I am. Such a correction might be the only way I could ever afford a house, at least anywhere near people I want to live near.
Problem is, that probably won’t happen. Last time values were propped up by subpar borrowers who couldn’t pay their mortgages. This time they’re propped up by corporations and wealthy foreigners getting into the rental business. I wonder how long values have to be significantly above rents before they start cutting their losses.
I’m wishing for a total collapse comparable to 2008. I wasn’t in a position to take advantage back then. Now I am. Such a correction might be the only way I could ever afford a house, at least anywhere near people I want to live near.
Problem is, that probably won’t happen. Last time values were propped up by subpar borrowers who couldn’t pay their mortgages. This time they’re propped up by corporations and wealthy foreigners getting into the rental business. I wonder how long values have to be significantly above rents before they start cutting their losses.