Article Image

IPFS News Link • Economy - Economics USA

Remember 2008? Another Terrifying Housing Crash Is Now In Progress

• by Michael Snyder

The economy slowed down, home prices crashed and the ensuing chaos on Wall Street spawned an endless series of movies, television specials and documentaries.  But instead of learning our lessons, we did it again.  The Federal Reserve created an even larger housing bubble, and I have been relentlessly warning that it would inevitably burst.  Now home sales have fallen for six months in a row and prices are crashing again.  In fact, in some parts of the country we have already seen prices plunge by as much as 20 percent

Property prices have fallen by up to 20 percent across parts of the US as buyers shun the market amid 'Bidenflation' and spiking interest rates.

Asking prices have plummeted by up to $400,000 in wealthy areas while poorer neighborhoods have seen house values nosedive by as much as $115,000.

Do you remember last time around when millions of homeowners ended up "underwater" on their mortgages?