House sales are cratering but inventory is soaring

A Spanish Mission-style bungalow with a FOR SALE sign out front; it is sinking into a dark and stormy ocean. Image: Tony Mariotti (modified) https://www.rubyhome.com/ CC BY 2.0: https://creativecommons.org/licenses/by/2.0/

When I moved to the UK in the early 2000s, nearly everyone I met fancied themselves a real-estate investment genius. Young people all had plans to “get on the housing ladder.” Each of these schemes was more crackpot than the last — the most plausible involved buying minuscule flats, “doing them up,” and flipping them. The…

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