"The death of the real economy" starts at 30:45 but the whole video is good.
Axios explained on Monday that some economists think there is going to be a significant drop in home prices within the near future.
www.breitbart.com
I'm all for this.
As a millenial who still has never owned his own property, I look at the housing market with googly eyed, jaw-dropped astonishment. How in the world does anyone afford a home with the stagnant wages of today? I might as well be paid in circus peanuts. I could work my entire life and never come close to being able to afford the ridiculous six-figure numbers for a "middle-class" home in rural nowhere. A city home? Millions of dollars. That wouldn't be possible if I worked for MULTIPLE lifetimes!
The crux of the issue is simple. Housing and transportation are not investments. They are costs of living. Costs of living should be as low as possible to enable more people to afford the essentials of life. Houses should be cheap. Cars should be cheap. Nobody should be investing in them or treating them as collectibles and if you do that you are stupid and deserve to lose the money you put into it. That's just how I see it.
If you want to invest, buy gold and silver. Or buy stocks. Or put your money in a savings account. Whatever you do, don't buy something that deteriorates over time as people use and abuse it, fill it up with their garbage and junk, and gets eaten by termites.
I think this should have been obvious, but humans are stupid and have this awful thing called free will so they don't do what I want them to do, they do the stupid things they want to do. So I live in a world where I can't afford a home or a car, and pay rent every month to live in a dilapidated trailer older than I am.
I hate you all and I will be dancing when the housing market crashes and burns. It's been a long, long time coming and I see it as nothing other than justice. Divine intervention, even.
Maybe after prices collapse 90% I will finally be able to afford a home of my own. If that ruins you, I don't care. If you invested in real estate, you mal-adjusted to a broken system.