• porcupine
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    4 days ago

    Except when they go down, as in the Great Recession. I saw even rents go down then.

    the '08 mortgage crash was a blip in the general trend of US housing prices. prices declined for a relatively brief time because of mortgage conditions that don’t exist anymore, then rebounded within a few years and continued rising. prices spiked in 2020 considerable faster and more than they fell in '08.

    • Kaffe
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      4 days ago

      In fact you can think of much of the way the state and bourgeoisie has acted since 2008 has been to ensure that line recovers to where it should have been if no collapse. Yes, Obama foreclosed on people (mostly “new wealth” Black and Latino people), but he “saved” hundreds of millions of (mostly white) portfolios.

      The Bourgeoisie knows that line is necessary to deflate class struggle, they know they’ll struggle with military recruitment if soldiers can’t expect to own a home at the end of their service.