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RIP my chance of buying a house then
I assume at this point the windfalls should start trickling down right? Any moment now right? You can use this mythical trickle down economic effect I have heard about to buy a house with cash.
inflation troubles: When worker wages outpace industry profits
Don't worry, though. I'm sure you can finance a down payment on a security deposit for a six-month apartment lease.
But we're reporting record profits so much that there were stock buy backs. Weird.
Well there's sure SOMETHING trickling down... it's not cash tho
I don't think that really changes a huge amount with the economy.
If there's 150,000 people who want to live in an area, and only 100,000 homes, then only ~67% of them will be able to buy a house there. The price is the most that any of those poorest 33% of people are willing to pay (or rather the most that the banks are willing to lend them).
If you were in the poorest 15% of people before a recession, then chances are you'll be in pretty much the same place during and after it.
Sure, there's a bit of wiggle room where they still ask stupid high prices for a bit before realising that nobody has any money, but as soon as banks are willing to lend 10% more, the house prices will soon follow.