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4min chapter
Housing Bubble Week Epilogue: Not All Bubbles Are Created Equal - Vernon Smith
The Joe Walker Podcast
The Effects of Negative Equity on the Housing Market
Vernon Davis: What happens when somebody falls into negative equity? He says they're living in a house that you owe more on it than you can get by selling. People are very reluctant to take that hit, and so the labor market starts to get real sticky he says. Davies: When things get better, suppose you buy a home at a low mortgage rate and it booms. Now you're going to have to pay a higher interest rate wherever you go because interest rates have gone in.
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