Experts Predict a 20% Housing Crash in 2023
The housing market in America is certainly going through a very difficult time as of right now. Since 2020, home prices have more than doubled; fewer homes are being built than in the past 70 years in the country; and bidding wars are driving prices on homes up even further and pricing normal people out of the market. That's not even getting into the fact that a lot of multinational corporations are buying up every single home they can find in America, and they're paying hugely inflated rates to do so. The idea of a "buyer's market" is something that many housing experts claim is all but extinct. Buyers have absolutely no power in America's housing market, and it's like that in nearly every state and certainly in all of the country's settings. The latest bad news for the market in total is that analysts and experts claim that there is no end in sight for the housing collapse, and that 2023 could witness another 20% of the market collapse.
To be clear, 20% of the existing market collapsing is a series of metrics, not just one thing. For instance, what you'd see hypothetically is even fewer homes available for sale, and the ones that are available will have even higher price tags. Why wouldn't this be considered a boom-time period for the housing market? After all, the values are so high. Though the issue is that the values are artificially high. The costs of homes only goes up this much, this fast, due to the fact that there's such a shortage and so much competition to buy up properties. The government stands back and blesses international corporations coming in to buy everything up. China already owns most of America's meat and produce processing plants, and now they're slated to own thousands of homes. Blackrock and Vangaurd have also purchased tens of thousands of homes. These factors are driving the entire market into a full collapse, and there is not one single prominent politician stepping up to stop it.
But all of that is just the "bubble" end of the spectrum, not the collapse. These factors are the precursor of collapse. The collapse comes when people get fed up and can't find affordable homes, and people just stop looking to buy homes. This forces a price dip. Though instead of it adjusting into a buyer's market, people stop selling homes because they won't be able to profit, and that's when you start to see the ultimate collapse. Mortgages start to default and interest rates spike, and it could end up looking like late 2008 all over again. This was predicted by one of the foremost economists in the nation today, Ian Shepherdson. Though he is far from the only one ringing this particular bell. Hundreds of experts are all saying the same thing; they're warning that the entire market is in for a lot of pain next year.
History Unnecessarily Repeating Itself
The thing about the housing market that makes so many Americans so angry is that the collapse just happened back in 2008. It's not like this was back in the early 1900s. It happened in the age of Twitter and Facebook. It might be what got President Obama elected, and that's only been two presidents ago. Americans are told every single day that the reason public education puts so much intense focus on events like the Holocaust in Europe and Slavery in America is so that history will not repeat itself. "Kids need to learn history," administrators and teachers claim, "so that they don't repeat it." In other words, America spends billions of dollars and nine months a year to teach kids that bad history shouldn't be repeated, instead of teaching them mathematics and science. Yet when it comes to the actual adults in charge, they don't seem to grasp that message at all. They have the same sorts of unhealthy relationships with huge corporations, and it's the same sort of nonchalant attitude and the belief that the housing market is sustainable as is.
This is hubris, pure and simple, and it could cause a whole lot of pain and suffering in America. The government has the time and money to help, but it's busy waging a proxy war in Europe, or voting for pay raises for politicians. There is not a single thing the government has done to lift a finger for a failing housing market, and Americans may pay a hefty price next year.