Housing will eventually recover from its great swoon. But many real estate experts now believe that home ownership will never again yield rewards like those enjoyed in the second half of the 20th century, when houses not only provided shelter but also a plump nest egg.
The wealth generated by housing in those decades, particularly on the coasts, did more than assure the owners a comfortable retirement. It powered the economy, paying for the education of children and grandchildren, keeping the cruise ships and golf courses full and the restaurants humming.
More than likely, that era is gone for good.Understand that the housing market in America post-WWII created the baby boomer's middle class in this country. Housing was the one asset that middle-class Americans could count on to go up. That's gone now, and gone for good. Using houses as ATMs created our consumer economy and in turn it powered the global economy.
Our turn on top has ended. More than likely the Chinese will replace us soon. We lost trillions off of our real estate. Those trillions aren't coming back, not for a long, long time if ever. My generation is in real trouble, our middle-class dream is fading fast. We're not going to be better off than our parents, and we're not going to be able to pass on much to our kids. Gen Y after me is in dire straits. Their middle-class dream is all but gone.
In just two years America has fallen apart. And things are about to get worse...much worse.
Posts
No comments:
Post a Comment