Imagine waking up one day to find that the value of your home has plummeted by half. Renowned economist and bestselling author Harry Dent believes this scenario is not only possible but imminent.
In recent years, the U.S. housing market has seen a dramatic surge in prices. According to the Federal Housing Finance Agency (FHFA), home prices increased by 17.4% year-over-year in 2021, one of the highest rates on record. This rapid appreciation can be attributed to several factors: low interest rates, limited housing supply, and heightened demand driven by the pandemic-induced desire for more spacious living environments.
However, Dent argues that these factors have created an artificial bubble. Low interest rates, set by the Federal Reserve, have made borrowing cheap, encouraging both consumers and investors to pour money into real estate. The result? Skyrocketing home prices that have far outpaced wage growth. According to the U.S. Bureau of Labor Statistics, while home prices surged by over 17% in 2021, the average hourly earnings for all employees on private nonfarm payrolls increased by only 4.7% over the same period. This discrepancy highlights a significant affordability issue.
Moreover, Dent points out that this bubble is not just a U.S. phenomenon but a global one. In China, for instance, the real estate market has experienced explosive growth, driven by speculative investments and easy credit. The typical Chinese household, with an average income significantly lower than that of the U.S., is buying one or more additional properties, often leaving them vacant as they are viewed as investments rather than homes. Dent predicts that the bursting of this bubble in China will have far-reaching implications, potentially triggering a global economic downturn.

Harry Dent: "It's Worse Than The Housing Crisis" But Those Who Are Prepared Will Become Millionaire!

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