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>Housing prices exploded to compensate for the negative real interest rates.

They didn't "win." They broke even. The people that sold them won. The people with no house but inflated away cash/salary lost.




If your payment is massively lower than your rent would be - you won.

Someone else is allowed to win, too.

It's a zero sum game, and the only losers have been renters.

That can change if there's a massive, sustained housing crash. But I won't hold my breath for that.

I'm willing to bet, like always, house prices won't decline. The value of the dollar will decline instead (because the Fed can just easily QE until the only people that lose are renters).




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