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> no one was buying but no one was renting either. As someone who was in eighth grade at the time, can you clarify what you mean by this? Every person either

> no one was buying but no one was renting either. As someone who was in eighth grade at the time, can you clarify what you mean by this? Every person either 1) buys property, 2) rents property, 3) goes homeless, or 4) dies. There aren't really any other choices.

david927 6y ago
You're not alone -- it was quite surprising to a lot of people! What happened was the fifth option: move in with others, such as parents. P.S. I just saw this article: Mortgage Delinquencies Have Risen Fastest In US History https://thewashingtonstandard.com/housing-crash-2-0-mortgage-delinquencies-have-never-risen-this-fast-in-us-history https://thewashingtonstandard.com/housing-crash-2-0-mortgage...
ArekDymalski 6y ago
Some additional options: staying with your parents; inheriting the property; marrying someone who owns a property.
dasloop 6y ago
You can share so less people rent or going back to your parents place (common in Spain for example, in where families use to live in the same city)
freeone3000 6y ago
(3) and (4) have nearly infinite growth potential.
barnesto 6y ago
Millions of people live in a van (#vanlife) or RV. You can work from anywhere and when the sights get boring you drive to the next place.
- PaulDavisThe1st 6y ago
  It can be pretty awesome. For a while. For a lifetime? I think not. ps. I've done 9 months/6 months/3 months in my van with my wife. We love it, but it's not a home, it's a journey.
cortesoft 6y ago
5) pack more people into the house and split rent
- benrbray 6y ago
  Still technically renting, though :)
  - cortesoft 6y ago
    Sure, but it is the same effect on rental demand... one person renting a house and one person being homeless consumes the same amount of housing as two people sharing a rental house
tingletech 6y ago
from the point of view of the owner of an empty housing unit, if no one is buying and no one is renting then you are just left paying property tax and maintenance on an empty unit. But, at least in my local market, it would surprise if the banks are sitting on empty units from 2008, as far as I know it all got auctioned off years ago. This article predicts the covid crisis will center around a new collateralized debt instrument "[after post 2008 banking reform] [d]emand shifted to a similar—and similarly risky—instrument, one that even has a similar name: the CLO, or collateralized loan obligation. A CLO walks and talks like a CDO, but in place of loans made to home buyers are loans made to businesses—specifically, troubled businesses." https://www.theatlantic.com/magazine/archive/2020/07/coronavirus-banks-collapse/612247/ https://www.theatlantic.com/magazine/archive/2020/07/coronav... discussed at https://news.ycombinator.com/item?id=23480680 https://news.ycombinator.com/item?id=23480680

david927 6y ago

You're not alone -- it was quite surprising to a lot of people! What happened was the fifth option: move in with others, such as parents. P.S. I just saw this article: Mortgage Delinquencies Have Risen Fastest In US History https://thewashingtonstandard.com/housing-crash-2-0-mortgage-delinquencies-have-never-risen-this-fast-in-us-history https://thewashingtonstandard.com/housing-crash-2-0-mortgage...

ArekDymalski 6y ago

Some additional options: staying with your parents; inheriting the property; marrying someone who owns a property.

dasloop 6y ago

You can share so less people rent or going back to your parents place (common in Spain for example, in where families use to live in the same city)

freeone3000 6y ago

(3) and (4) have nearly infinite growth potential.

barnesto 6y ago

Millions of people live in a van (#vanlife) or RV. You can work from anywhere and when the sights get boring you drive to the next place.

PaulDavisThe1st 6y ago
It can be pretty awesome. For a while. For a lifetime? I think not. ps. I've done 9 months/6 months/3 months in my van with my wife. We love it, but it's not a home, it's a journey.

cortesoft 6y ago

5) pack more people into the house and split rent

benrbray 6y ago
Still technically renting, though :)
- cortesoft 6y ago
  Sure, but it is the same effect on rental demand... one person renting a house and one person being homeless consumes the same amount of housing as two people sharing a rental house

tingletech 6y ago

from the point of view of the owner of an empty housing unit, if no one is buying and no one is renting then you are just left paying property tax and maintenance on an empty unit. But, at least in my local market, it would surprise if the banks are sitting on empty units from 2008, as far as I know it all got auctioned off years ago. This article predicts the covid crisis will center around a new collateralized debt instrument "[after post 2008 banking reform] [d]emand shifted to a similar—and similarly risky—instrument, one that even has a similar name: the CLO, or collateralized loan obligation. A CLO walks and talks like a CDO, but in place of loans made to home buyers are loans made to businesses—specifically, troubled businesses." https://www.theatlantic.com/magazine/archive/2020/07/coronavirus-banks-collapse/612247/ https://www.theatlantic.com/magazine/archive/2020/07/coronav... discussed at https://news.ycombinator.com/item?id=23480680 https://news.ycombinator.com/item?id=23480680