#HousingCrash: Looking forward to it?

Updated: Apr 17, 2020

Trending on social media has been a curious hashtag posing a question about what will happen to housing in our country, as we experience the fallout of COV-19. For the most part, the hashtag has been people pondering aloud about whether the crash coming will be like the one we experienced in 2009, or worse. It doesn't take a market or housing economist to figure out that something has to give when millions of Americans are out of work (with a record number filing for unemployment); when more than a third of renters failed to pay rent this past April 1st; a wave of rent strikes are just getting started, and businesses of all sizes are shuttered for the foreseeable future. Many people even within the housing sector are asking this question too, so it makes total sense that this hashtag would be trending.

What has been much more interesting to me about this hashtag and the social media coverage of this, are the average, everyday Americans, beginning to express anticipatory glee at the prospect that a crash is on the way. No, they aren't gluttons for punishment or celebrating because they wish ill on the country. If you read their posts carefully, you'll see that they simply "want in" on the economic prosperity happening in the economy and in the housing sector. And they don't think they can do that without the economic market taking a serious nosedive!