Is the housing market going to crash?
It depends on your definition of “crash”. I think it’s going to bomb quite a bit, personally, within the next year. And the statement above that “everybody has to live somewhere” doesn’t mean anything. We had a depression once, where everything went rock bottom, even though everyone had to live somewhere, buy food, etc., so that means nothing. Everyone will live somewhere, but the prices may collapse all the same. In fact, one of the reasons prices went up so much, is because so many people didn’t care what the price of the house they were buying was; they could get a wacky loan that would give them low enough payments, and besides, worst case scenario would be that they could just sell their house, which would now be worth twice what they bought it for. NOT! Those are the idiots who are going to be bounced out of their houses when their payments double, and they have no equity or good enough credit to refinance. And I’m going to be there when it happens, to get a good deal on a house
