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this post was submitted on 14 Oct 2024
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So a re-run of 2006-2007, but this time around there wasn't even an actual boom preceeding this.
I’m in the US. House values in my neighborhood have doubled since 2017 (7 years). Things are the same where the rest of my family lives, 11 states away. Are we not in a boom?
The Economy is not booming, it's only the prices of Assets such as houses that are in a bubble.
Last time around the "wealth" (even if illusory) was spreading a lot more and causing all sorts of things to grow by feeding consumption, as well as a general feeling of prosperity (until it turned out it was illusory and the whole castle of cards fell) whilst this time around it's pretty much only large asset owners who are actually gaining from this whilst the rest just increasingly feel poorer and more treading water ever harder merelly not to drown.
It's a different Economic climate and even a different feeling for most people, even if both periods share the house price bubble.
PS: And, by the way, this is not just in the US.
No this is another housing bubble, similar to what happened back in 2010. My house is now worth more than double what I paid for it, which is more than it was at the peak of the housing bubble right before it crashed back in 2010.
But biggest difference this time around is the bubble has been intentionally accelerated by a handful of investment firms that have been buying up all the houses across the US for the past decade.