Housing is definitely not good pretty much anywhere from what ive seen and alot of boomers have much of their net worth tied up in it, and much of that value artificially inflated. Ive been looking around on zillow and places 50+ years old with subpar construction to begin with are selling for 70-80% of new construction. Not to mention the severe inflation of value in stocks and crypto that can come crashing down as well, i dont think fears of recession are unfounded
when my parents first got a house in suburbia, it was like 1.5x median household yearly salary then around the 2000's it 4x , in the 2010's post crash but pre-covid, it grew to 5-6x, now its 7-8x. Wages obviously have not kept up with this growth . As boomers start dying off more and more these properties will create a glut, additionally corporations who buy these single family homes will artificially keep it going beyond the time it would take to pop if the market were left to do its thing.
They started with stopping mortgage payments being off set against rental income before covid for private individual landlords , they either had to move to a company structure to get the relief or sell , however the taxes up front to move into a limited company are too expensive , so many sold , all got hoovered up by the likes of blackrock etc and were put striaght back on the rental market , with prices not being affecrted too much. Then they put up interest rates , so the landlords who held on had to sell , all hoovered up by big corp. Now even individuals with full cash to purchase have exorbitant buyers tax (stamp duty) on second purchase onwards.
