Déjà vu: 2008’s eerie replay in 2024 – manipulated rates, speculative frenzy, collapsing home sales, and economic uncertainties. But this time, missing global saviors.

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The specter of the 2008 housing crisis is haunting 2024, echoing familiar themes of manipulated interest rates and speculative asset mania. The belief that “prices only go up” has fueled a dangerous déjà vu, reminiscent of the days preceding the previous crash. As rates rise, home sales volumes collapse, and builders resort to offering incentives to mask an impending price collapse.

Adding to the concerns is the missing global rescue this time around. Unlike in 2008, China’s debt-fueled spending isn’t positioned to bail out the world economy. The absence of this crucial support, coupled with shifts in U.S. and global demographics and a decline in globalization, raises questions about the capacity to stave off a similar housing market meltdown.

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Affordability in the housing market has plummeted below previous lows, signaling a crisis in the making. The debt-to-GDP ratio exceeding 350% is a formidable challenge that demands careful consideration in shaping monetary and fiscal policies. With memories of the 2008 bailout still fresh, there’s growing uncertainty about whether Congress will be forced to intervene once again to salvage the economy from the impending storm.

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