I bought for 750k. There is no logical reason why my house would now be worth 900k. So yes, it can tank. By tank I mean stop appreciating at the ridiculous levels we’ve seen the last 10 years.
If housing prices were to completely stagnate or depreciate by 10% tomorrow I would still be even or ahead.
Stagnation is way different then reduction, I’d also be fine with that, as i suspect would be other home owners.
Tank “to suffer rapid decline, failure, or collapse” is different from stagnate. The OP said:
In all seriousness, all levels of government are moving too slowly on housing affordability. They should be trying to reduce prices to prepandemic levels, or, even better 2010 levels.
If you have a mortgage, you should care, you should probably care if you don’t.
Lets imagine that a $656,6253 house were to go back to it’s 2010 price, about $339,030.
If you have a mortgage you now have about 600k in debt on an asset worth 340k.
I bought for 750k. There is no logical reason why my house would now be worth 900k. So yes, it can tank. By tank I mean stop appreciating at the ridiculous levels we’ve seen the last 10 years.
If housing prices were to completely stagnate or depreciate by 10% tomorrow I would still be even or ahead.
Stagnation is way different then reduction, I’d also be fine with that, as i suspect would be other home owners.
Tank “to suffer rapid decline, failure, or collapse” is different from stagnate. The OP said:
This jives with tank, but not with stagnate.
Touché