The housing market had slowed causing pries to be cut to attract buyers. The market is getting more and more expensive pushing people out, even buyers. The slowdown of the market will most like not last and the increasing interest rates have only caused prices to become more expensive. People are becoming reluctant to sell their homes because they are worried of being unable to find a new one. Building materials are becoming more expensive, labor costs are rising, and restricted zones cause building house more unaffordable.
We should not be building houses that people do not have the money to buy but, it is unaffordable to build houses for the pricing people can afford. Gentrification is also a problem caused by the increase of housing prices, when people are pushed out of neighborhoods because they can no longer pay for the cost of living. The wages people receive compared to the expensive cost of buying and renting should become closer in value.
I agree with you, I think that they should not build unaffordable houses that people can’t buy.They should make houses that most people can afford because for others it is really hard to find home on their price range ~ Stephannie Hernandez
ReplyDeletei agree with what you said. i think that they should build more homes that people can afford rather than making very expensive homes that only some people can purchase.
ReplyDeleteEconomically, we're facing an interesting point in history where the prices are constantly being inflated in conjunction with the wages. This is similar to the price revolutions in Spain after the Age of Exploration and the massive influx of gold, and what happened to the Dutch after the Tulip Mania, and to Germany when they were in debt after the first World War. This illuminates a trend: when countries are indebted, they appear to inflate their prices in order to compensate, which causes the rise in salaries, which conversely, inflates the prices again, restarting the cycle. Economically, it's a difficult cycle to go through, but we have overcome this before after a major market crash, which provides hope for the market, though it will require a loss of monetary value first.
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