Unfortunately, many of these surplus homes were bought as an investment. Not just ONE investment among many, but literally the life savings of an entire family, across multiple generations. Now that property prices and demand are crashing, that means entire swathes of the population are on the verge of losing their entire savings and retirement fund. Not just one or two members of a family, but entire families together are facing the prospect of losing everything.
It’s not much better or worse than the housing crunches elsewhere, it’s just an entirely different situation and dynamic.
Unfortunately, many of these surplus homes were bought as an investment. Not just ONE investment among many, but literally the life savings of an entire family, across multiple generations. Now that property prices and demand are crashing, that means entire swathes of the population are on the verge of losing their entire savings and retirement fund. Not just one or two members of a family, but entire families together are facing the prospect of losing everything.
It’s not much better or worse than the housing crunches elsewhere, it’s just an entirely different situation and dynamic.