Wogi, 1 year ago

It’s really bad for anyone who needs to move out of a house they can barely afford.

In 2008, people that had multiple properties they were buying and selling were financially crippled when the market dropped out from under them.

This happened even to middle class people who were buying cheap housing and selling it as their only income. At the time, housing was still affordable enough that upper middle class people could make a living doing that.

No one who had a house they planned on staying in for a long time, who kept their job, felt that crunch.

Very much like a 401k that takes a hit when you’re 30. On paper you lost money but in reality you’d never notice. The market always bounces back.

At least, until it doesn’t. 😬