I just got to New York after two weeks in Australia, and while I’m glad to be back on American soil, I’m still a bit frazzled and jet-lagged from the long flights. So we weren’t able to record a rant today. We’ll be back with those next week.
In its place, I had our video team dial up a behind-the-scenes interview I did at this year’s Irrational Economic Summit about how I see the real estate market shifting as we move into 2020.
Real estate is a sector of the market I warn people about the most even if they choose not to listen. In fact, I wrote a pretty thorough ebook about real estate last year, which you can access here with a subscription.
So many people are stuck in a mindset that the value of real estate will only go up and up, but that’s simply not true. While recent American history shows real estate on a long-term uptrend, world history makes clear that real estate does not work that way.
We’re in the second bubble, and the next crash is coming. It will take longer to bottom out, and it won’t be pretty at any point. I predict things will be worse than 2008.