how did the housing market get so inflated, and is it different from what happened in 2008?
In: 71
This isn’t an exact ELI5 article, but it is a good read as to how we got here.
Supply also has a lot to do with it. The supply chain during Covid made it difficult for building materials to get to destinations to built new homes. Affluent home buyers wanted to move out of the (Covid-ridden) urban areas into the suburbs. Interest rates were at an all time low.
https://www.forbes.com/advisor/mortgages/why-houses-are-expensive/
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