Comments by "worn down" (@worndown8280) on "REDFIN RARE Decline in Home Sales Sets Up CRASHING Market" video.

Rescue plan. lol Thats how we got into this. Just stop. Sometimes you make a bad play. That goes from picking a stock, to buying houses to picking a bad spouse. People need to learn from their errors.
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What will make housing prices go down? Let me introduce you to my friend, Mr. Recession and is cousin, Mr. 8% interest rates. Add to that demographic demand shifting and there is going to be a housing glut.
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@ronaldwhite4223 The worst part is people dont want to see it. I get it its scary. But we have let every market, world wide, just go to crazy because of the cheap money for almost a decade. Only people who provide value to their companies will have a job. I can really understand why that scares people. Most people dont add anything to their companies bottom line. I dont wish ill on anyone. I just want them to be ready.
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@armchaireconomist8648 Well currently there are a million single family homes under construction in the US. Also there are an additional million apartments units under construction. Add to that boomers getting older and passing away, going into nursing homes, or moving in with kids (Boomers own 44% of all single family homes) these assets will be liquidated. Then there is recession. People lose jobs, have pay cuts, and have hour cuts. In a household thats over extended, needing two incomes to make it, even a cut in hours will force homeowners to sell. For an Arm Chair Economist, you would think this is pretty easy to see, no?
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@politicrackedpodcast9868 define mistake? I mean everyone needs a place to live. If you can afford it and your job is secure, it might not be the best economic choice to make, but it wont be crippling. Now if you over extended, need both income earners to barely make ends meet. Live far from where you work because thats all you could afford. Yea that probably was a mistake. More so if you over bid to get it. A lot of people are going to lose their jobs by the end of the year. And even more next year. Most people never plan for things like that. Like less than 10% of Americans have 6 months worth of savings to weather any hardship. Thats insane. And a recipe for disaster. Edit: And this recession already looks to be different. The drone workers will be spared, the garbage men, the truck drivers, the ditch diggers, the grocery store clerks all will be fine. Its the white collar college educated workers who are going to get absolutely mauled. And whats worse is they generally have little skill set outside of their office cubicle. Those people are boned.
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@armchaireconomist8648 It doesnt matter if real estate is local when this recession is going to be global. Its going to murder everyone. And throwing the Fed on top of it raising interest rates its going to be doubly bad. 29% of boomers have already died. And at present pace, boomers arent going to live as long as statisticians predicted. So those 44% of houses will come onto the market. Even if it takes another decade or two. The next generation, Gen Z, is smaller then Gen Xers. They will not be able to pick up demand. Most households have tow incomes because they need to to make end s meet not because they want to. If any of them are over extended, and most Americans from the data are, zero savings and credit debt near max levels, well there is no where to go but down if your house are cut. But go on and keep thinking what you like.
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@HRCISASKNK You do know a 20% negative correction is almost half the total increase right?
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