That's because one generation is trying to unload their overpriced houses on another generation which cannot afford to send the first generation off to a comfy retirement. They spent the equity and now everybody's stuck.
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"Before the crash, many Long Islanders borrowed against their home equity to fuel spending on goods, services and day-to-day expenses. Those dollars then helped to grow a wide variety of industries from construction and interior design to retail and tourism."
That was the last chance of poker game for “baby boomers” before retirement. Now they need desperately find buyers on overpriced houses.
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