Oliver Haydock wrote in this week’s print Observer about what a landing in the falling Manhattan housing market might look like (think co-op sales). Here’s one response from a reader in an ongoing thread:
The fact that we held out FOR YEARS and purchased in 1994 and not 1987, at the peak of the prior bubble, had a huge impact on of life from then on. Plenty of money to save for the kids’ college, charity, disposible income, etc. Mortgage paid off in ten years.
I paid one-third less than someone else had a decade earlier. With inflation that was a real decline of more than 50%. I expect the decrease to be similar this time.
Will there be a third housing bubble? After the first, and all those people living FOR YEARS in one-bedroom apartments they couldn’t sell with two kids, I thought people would have learned their lesson, and there wouldn’t be a second. WRONG.