Excessive Credit Card Debt Crashes Housing Market?
There is currently $1 Trillion of credit card debt owed by Americans which is about $3,000 per person if it was spread among every single person living in the US. Despite high credit card debt, this is not a significantly high enough number to affect housing, since most homeowners don’t carry this debt and this is predominantly renters.
The real estate market is supported by the highest ever level of equity and 42% of all homes are owned free and clear of a mortgage. The housing market forecast for 2023 and 2024 is that home prices will remain strong and increase over the next few years.