#Housing crash 2008 manual#
We're lacking in people with the necessary skills and wherewithal to do those jobs, and an ever-growing portion of younger workers just plain don't want to do jobs that involve manual labor, while those who do are often undocumented immigrants, whom most companies don't want to take the risk of employing. History tells us that acting quickly and decisively is very important in these cases but I don't hear a lot of news of many countries taking this seriously yet. The big risk factor today is unsustainably high levels of inequality. Housing of course will remain a mass market concern. In a way this is happening a little already and was partly visible even pre-covid. My prediction is that we see a lot of big industries from fashion to cars to tourism retreat a bit from the mass market and instead aim to sell much fewer items but at a much higher mark-up than we are used to. That won't necessarily lead to price rises but would slow the descent. If stocks burst before housing then that stock money is going to run to other locations and housing will end up being one of them. We are in an economically turbulent time but I don't see it following 2008 so closely.įor example the house I am in the process of buying is only about 50% of it's 2007 cost, it has been rising slowly in value in recent years but is nowhere near it's previous peak.
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