Today’s new college grads are so burdened with student loan debt, they’re putting off key life decisions. They’re moving back in with mom and dad, postponing buying that first new car or getting an apartment.
But then he heard this and lost his shit:
Rick Palacios is a senior research analyst at John Burns Real Estate Consulting. He says in 2009, 50 percent of all existing home sales were to first-timers. Now, it’s about 30 percent -- and dropping. Palacios says that has a ripple effect of its own, on what he calls "move-up buyers."
First, this data point proves precisely fuck all about the effects of student debt. The total student loan debt has reached a peak, but it's not like student loan debt has become a drastically bigger problem in the last three years such that the percentage first-time home buyers would drop so precipitously. Second, the most obvious explanation to anybody who thinks about this for, I dunno, half a second is that there was a FUCKING $8,0000 FIRST-TIME HOME BUYER TAX CREDIT in 2009 and there isn't now.