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this post was submitted on 06 Feb 2024
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I mean neither of those is a problem, the problem is that prices aren't adjusting to match.
But housing won't go down because it's become an investment, and cars won't go down because during covid manufacturers learned only selling expensive models increases profit margins.
If anything, high rates are good. They encourage saving and curb consumerism, which are both things Americans at large can use help with.
Housing has always been an investment hasn't it? I guess you are talking about companies buying homes. I feel like that shouldn't be allowed.
Tesla prices are plummeting though, so I suspect car prices will fall all over now.
Tesla is getting hit hard and fast. I watch car news and it's still mostly manufacturers announcing new model years that are significantly more expensive than before.
Housing really became an investment in the late 80s to 90s, that's part of what drove the McMansion boom. Not for corporations but individuals, who are actually the largest driver of prices not adjusting. Don't get me wrong, corporations are buying an increasingly large chuck and this will be a problem, but right now it's not the big one. In my area there are an absurd number of houses for sale compared to normal. All of them are overpriced, almost none of them are selling, and yet they increase the list price every month like clockwork. These are individuals, not corporations. Until these individuals accept that the house they bought for $50k isn't worth $1.5m, prices will not go down.