What to do after a windfall :

[eufo]

People are buying houses as investments. Retirees can't get any yield on bonds, so they look at a house as monthly dividend generator, and they become landlords. We have a daily real estate investment radio show which uses a lot of emotional manipulation to get people to sign up for their "mentoring" program. We have a nice neighborhood which had it's first stages just built out, called Bridgeland, and I was astonished to find that many of the houses had real estate investment firms as their first owners, and the houses are beginning life as rent houses. This is an archetypical American surburban neighborhood where the norm has been family-owned dwellings.

It will all be good fun until those houses are upside-down. Then it'll be 2008 again.

I think the snowflake on that avalanche will be when even Detroit become unaffordable.

As expensive as home prices have gotten in my city, the surprising thing is that rents have risen even faster, so it's still cheaper on balance to own than to rent.

Both first-time homebuyers and renters are getting squeezed in the current market.

We are experiencing that here as well. I believe that is likely also global.