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They bought homes at the peak of Austin's housing boom. Now they're taking devastating losses.
(www.businessinsider.com)
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this post was submitted on 06 Aug 2026
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They do if they put their life's savings into the house with the intention of leaving it to their kids. Yeah, it sucks when an investment goes south, and yeah, that's just how it goes sometimes, but they DID lose something.
Again, families often need to move to larger (i.e. pricier) homes. This isn't reserved for the wealthy class.
I don't know if you've been watching where people have been putting their money when they can't afford a house, lately. Have you noticed how everything is being speculated on? Tried to buy any pokemon cards lately? Seen the meme stocks? Crypto? Labubu? Young people haven't been putting their money in housing, so yeah, they won't get hit directly when the housing market collapses. But what do you think happens to all those secondary "investments" when housing suddenly becomes more affordable?
A lot of young people think they're making investments right now, but as soon as housing falls, they're going to be left holding a bunch of worthless cardboard over night.
We have a big complex house of cards built on the assumption that housing prices always go up. But they've really only gone up proportional to what the boomer generation has been able to afford. Now that boomers are dying out, demand for expensive housing is cratering, and the house of cards is going to collapse and have many secondary and tertiary effects. There will be very few people who "don't lose anything."
Sounds like the inheritors lost something.
Which becomes easier to afford if housing is cheaper.
The end game buyers of such collectibles, won't be impacted enough from a housing crash to stop them from collecting.
Also far from everyone is speculating on collectibles, it's a high risk high reward gamble to do so. Which unopened Lego boxes has proven. With the added sprinkle on top you need to be able to hold the items for decades
That's fine if you're fine with it, as long as you understand what's about to happen. What I don't get is your "fuck them, got mine" attitude about it. It doesn't help to welcome the worst for everyone around you. What helps is empathy.
I truly hope you are not negatively impacted by what comes next. Cheers.
There's nothing "fuck them, got mine" attitude about this, the only one losing to a housing market crash are the well offs; It's a net benefit for the vast masses of society