Reply to America is in an economic tailspin. Why does life feel so normal?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I don't understand the economic situation - especially when it comes to housing.

The market in Florida (even NOW with COVID #s) is absolutely nuts! There are condos that sold for $60K a year ago that are now selling for $148, with no major renovations being done.

I've been trying to buy a place for a family member and thought prices would be going down but they are higher than they've been in years.

Just don't understand it - at all. [/quote]

Same here. Locally, in the distant DC exurbs, I'm seeing places being sold at 10% annual appreciation over 2-3 years with no improvements. (It seems like the ideal time to cash out if you can.) Surely this can't go on and on when people's purchasing power is stagnant or declining.

The only way I can rationalize the stock market not tanking is that the rise is being driven by the idea that rich people have a lot more looting and profiting to do before they expect anything to hit them. [/quote]

I wonder if this housing this is nation-wide? I understand interest rates are down but WTF!  Double the price increases in some markets??

As you indicate maybe people are cashing out of houses, buying something else/cheaper elsewhere and pocketing the profit. Get out while the getting is good.  With so many people on the brink of current or potential unemployment this may be a viable option to pad their savings.

My question is who the heck are buying these places? [/quote]

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