Real Estate Slump
Yes, this is terrible news indeed. These plummeting home prices are going to ruin the economy. What can we do?
Sure it’s nice that first-time home buyers are getting such a steal. Some of them are actually getting a one-room condo for only $750,000 instead of $895,000. But let’s not be so short-sighted. What will this do to the housing industry? What about those poor real estate agents with their shrinking commissions?
An economist said “Things seem to be snowballing very quickly. It’s going to be a weak spring” (for home sales). And it gets even worse. A Yale economics professor said “This isn’t going to be over in a year. Housing prices could be declining for years and years.”
NOOOO!!!!! If this awful trend continues, people earning entry-level wages might be able to share their one-room apartment with only five or six roommates instead of ten. Some boomerang children might actually be able to move out of their parents’ house and get their own place — before their 35th birthday! What?!?!?!?