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Just like what started to happen in the lead-up to the 2008 financial crisis, housing prices across the United States in 2024 are staggering as a record number of homes for sale see massive price drops.
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Up until now, those in the top one percent with plenty of cash on hand have been gobbling up real estate like it is nobody’s business, creating record-high home prices that the other 99 percent can no longer afford. We are starting to see cracks at the top, though, as even the richest among us are no longer purchasing homes at sky-high prices, which could mean a housing collapse is soon on the way.
Widely recognized among economists and financial experts as the most tangible leading indicator for the broader economy, housing is a canary in the coalmine, so to speak, in terms of what we can expect to see happen next for the rest of the economy. If housing falls, so does everything else, in other words.
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