CRASH!!! CRASH!!!! CRASH!!!
Hi BP, when I open any forum or social media the hot topic is upcoming housing market crash. But I don't understand what does "CRASH" means in real state. Is it like stock that will go down 30-50%? Looking at the historic data I don't see any "real estate" crash. I see sub prime mortgage and insanity in appraisal which caused(foreclosure) the market to go down in 2008. Other than that value of real estate alway treanding up slowly but surely. Now what's going on last few years is abnormal. People bidding a house way over than it's actual worth. People had unnecesaary money from stimulus, the money they didn't have to work for. I think rising interest rate will slow that down and come back to normal. In addition we are short 5 million houses. Is that some folks refering this as crash? does it make sense one day we will wake up and see on zillow our house worth 50% less than prior day? Or I am spending too much time on social media and news outlets?