2 ms·
The scores were only invented in the 80’s. But anyway, I wonder what the housing market would do if mortgages weren’t possible to get. I bet the prices would g
by bee_rider 2y ago
The scores were only invented in the 80’s.
But anyway, I wonder what the housing market would do if mortgages weren’t possible to get. I bet the prices would go down.
- bloppe 2y agohttps://en.wikipedia.org/wiki/Credit_bureau#History https://en.wikipedia.org/wiki/Credit_bureau#History "Following the Panic of 1837, the first commercial credit reporting organizations formed." It only took a financial crisis and 3-year-long depression for people to realize that credit is important.
- pmontra 2y agoIt is possible that prices would go down but that will be an incentive to rent instead of selling. So less houses on the market. That could keep the prices up. And no matter how low the price is, if people have no savings and no credit even one year worth of salary would be too much of a price. The combination of all those factors could lead to a final state of a lot of houses owned by companies and a few extremely wealth people. Everybody else would be paying a rent.