I think we’ll see kids staying in their parents house longer.. maybe converting the garage into a second house?
Has it always been this way for 20 somethings? That isn’t something I would know, I’ve only been 20 now once! 🙂
But as someone said in this thread.. the media is influenceing this generation maybe heavier than any other generation? Us 20 somethings (the MTV generation) are at the plate… with the MySpace generation coming up next!
The difference I think is that 20 somethings these days are taking on debt like never possible before
Think about it real estate gurus.. if banks are letting people borrow 100% against an inflated assett in the hundreds of thousands.. can you imagine what they’re doing us naive young chaps?? Banks are well aware that credit cards are the cream of the crop.. they can charge like 20-30% a year!! Just think how much room they have for error with those sorts of profits…
Even if my frieds were to cut back on what they buy… they are on a ball and chain with the things they already bought… probably 5-10 years of substantial payments whether it be TVs, motorcycles, sound systems, modification for their cars, music equipment.. If they fix their spending now, maybe in 20-30 years they’ll have the 20% down that banks will probably require after this cycle…
That was the whole idea of the thread.. just giving a heads up on at least one sample of 20 somethings.. it does not look good at all.. unless some magic bubble appears and loans them all hundreds of thousands of dollars. I was originally very concenred about this real estate bubble.. now I’m even more concerned about the recovery of this bubbble.. I just can’t figure where the help is going to come from….
When this confetti clears and people ditch the hysteria goggles I think we’ll realize that 2.5 middle class generations have been whiped out.. then hopefully we’ll start seeing an overhaul in banking system with regulations and some sort of checks and balance system/oversight..
