Also consider that whenever interest rates rise again real estate will become a less attractive investment vehicle than it currently is. Hopefully a lot of these real estate developers will get fukked.
Don't hold your breath. Market is way too vulnerable...we're not going to see high interest rates for a long, long time.
Foreign buyers have been buying up North American real estate and hence raising prices. Real estate firms and builders give no fukks as all they see is $$$$$ when it really destroys affordability for the average Joe. If the average Joe is spending his entire paycheck on a mortgage then less money to buy other things and that affects the economy.
US economy is actually not doing well but they're using a lot of smoke and mirrors to make it appear that it's doing "great". We see this with shoes, designr goods, art, etc. People with money buying up everything at an inflated price to drive up the value. Might not be happening in Miami but other cities have an issue with not enough supply. That's how the investors want it. Low supply high demand just drives up the prices.
Should have had stricter laws to ban this shyt but at the same time NA was reeling from the crash in 2009 so anything to bump up the market was seen as a good thing at the time.
