Today, real estate is about brick and mortar and more about Asset Backed Securities and gigantic mortgages. Economies that become heavily weighted on real estate, tend to do very well in a boom, and when the market slides down, the city becomes a ghost town, quickly jumping ship.
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Sources Used in This Video:
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Pending home sales tumble to a 3-year low as housing ‘crisis’ worsens - MarketWatch
https://www.marketwatch.com/story/pending-home-sales-tumble-to-a-3-year-low-as-housing-crisis-worsens-2018-02-28
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