We all lose when debt bubbles drive shelter costs to unsustainable levels. Productivity and other investment falls as finite funds are disproportionately funneled into this one expense item. Price mean-reversion is needed to reconnect cost with incomes once more. History assures us that it will happen and that will help future buyers, but not before first hurting today’s many over-leveraged owners and lenders.
A young millennial’s attempt to buy his first home. Here is a direct video link.
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