On: First-Time Homebuyers Are Absolutely Screwed

[refurb]

This is completely expected in a higher interest rate environment. Home prices are sticky and don't change very fast. A good example is the financial crisis of 2008. Housing prices didnt bottom out for 2-3 years.

Were basically at the start of the price reset that will likely take years.

[foogazi → refurb]

In 2007 my new neighbor was happy he bought at 50k from the peak - it would go down 150k more in the next two years

Then take 8 years to make it back to the price they paid