House Price Drop: Good News for YoungBy
I’m on ‘vacation’ right now…actually, I’m on the Jersey shore finishing up my textbook. But I had to comment on today’s home price drop. The previous increase in home prices was effectively a wealth transfer from home buyers to home sellers. That is to say, you were a big winner if you were 65 and sold your big home to go live in Florida. You were a big loser if you were 30 and buying a home for the first time. And you were a small loser if you owned a small home and were trading up to a larger home as your family expanded.
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