Principles for Navigating Big Debt Crises by Ray Dalio

Author:Ray Dalio
Language: eng
Format: epub
Publisher: Avid Reader Press / Simon & Schuster
Published: 2022-12-06T00:00:00+00:00

All of these were true for the US housing market. Prices rose quickly and were widely expected to continue doing so (e.g., “home flippers” would buy a home, do some renovations, and aim to take advantage of rising prices to make a short-term profit). Homebuilders were ramping up supply that wouldn’t come on line for months or years, in anticipation of high prices being sustained—new single family home construction doubled between 1995 and 2005.3 As people saw their friends and neighbors becoming richer through homeownership, more people wanted to buy homes. At the peak of the bubble, just shy of 8 percent of households were buying a home each year (around 50 percent more than today). A TIME magazine cover from the summer of 2005 (roughly the peak) conveyed the speculative mania, asking “Will Your House Make You Rich?”

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