The middle class has only their selves to blame for the most part, if people weren't soo greedy during the housing bubble raping each other on home values, selling a humble 3 bedroom 2 bath house with a 2 car garage on a quarter acre that should only be worth $120k max for outrageous prices like $300k $400k etc... then the bubble would've never happened. But nope, people had to be greedy and now they're reaping what they sowed, same thing with the stock market... you'll never win a game trying to be rich when you have no real wealth.
I'm sorry to be this blunt especially to someone with just 50 posts, but your post is remarkably ignorant, and frustrating.
This has zero - zero - to do with 'greedy middle class people overpricing their homes'.
There's a process for how home selling works - there's a market. When you go to sell your house, a realtor informs you of a range the market will bear - say $400,000.
At that point, the seller selects a price around that range, and the market process has buyer make offers, and they negotiate a price.
If the seller wants $600,000, he gets no buyer. If he sells it for the price you think he should, $120,000, he gets a ton of buyers, and the value of the house remains $400,000; he just loses our on nearly $300,000 that some buyer gets instead of him, a real bargain. No one does that nor should they.
The seller doesn't determine the market pricing. The middle class doesn't. What DOES affects it are bigger economic issue - in partt, what can they afford?
People aren't going to limit their house budget to 5% of their budget; they'd rather live in a nicer place, and they budget more for it (in the middle class).
They aren't going to spend 90% of their budget; they have to eat and pay utilities.
They'll spend in a certain range of income typically, that varies somewhat by supply and demand (they'll spend more if they need to to get a place they want).
So what makes the price of the house go from $120,000 to $400,000? It's not 'greed of the seller' as you say.
It's a lot of other things, from how much money buyers have, to the interest rates.
Housing is the unique asset at being able to destroy the middle class's wealth.
For one, it's the asset that has the most of their money - a pretty important issue.
For another, let's say we're talking the stock market; how do you get their money if it's there? They have stocks, they hold stocks, you don't get your hands on it.
What about getting people to buy stocks and then the stocks losing their value? Well, the stock market is overwhelmingly owned by rich people; the middle class has a sliver.
The destruction of stock prices would hurt the rich far, far more than the middle class.
But not homes. The rich have a far smaller share of their wealth in their home than the middle class (and even then, the market is someone separated between middle class homes and the homes of the rich. You can have middle class homes plummet while high-end homes increase in price, as we have seen in some markets).
Your post is just ill-informed, based on some emotional myth possibly fed to you by propagandists. It's just wrong.
There are a lot of people to blame, and a lot of policies to blame, and they don't include 'greedy sellers' as more than a tiny bit of the cause.
Sure, overzealous investors - they might be greedy, too - can put money into the market that inflates prices a bit, but it's a small bit of the pricing.
Ultimately those people have to sell at market prices.
Posts like your are demanding to let the guilty go unpunished, and bad policies be continued.
