U.S. housing prices have dropped to record lows. The obvious blame is the economy. Lenders aren’t lending to prospect buyers, credit requirements have increased, supply and demand is down, etc, etc. Basically, every problem that could exist is evident.
This is really frightening. Especially for someone like me who is a young man looking to buy my first piece of real estate soon. What frightens me even more is how this issue is redefining the American Dream which is solidified in ownership. As former and prospect home owners continue or become renters, what happens to the American Dream?
We’ve been in this housing slump for almost a decade with no clear sign that things are going to get better anytime soon.
How will America recover?