Here’s an observation by a friend that links abortion with the financial crisis: As the baby boomers got rich they invested wildly in housing. Not only did they buy a house to live in. They wanted to buy a beach house, a lake house, and houses to rent to other people. The housing market boomed with the confident assumption that there would always be a wonderful housing market, and that more and more people would want larger and larger houses.
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The problem is, that in the long run, the population is not growing at the same rate as the housing supply. The population will begin to contract because of contraception and abortion. This means that there will be fewer people to buy the large number of houses that are on the market. Too much supply and too little demand means low prices.
The thing which may counter this is a larger number of immigrants. However, the poor immigrants, who may want to buy a house, don’t want to buy beach houses, lake houses and McMansions in opulent subdivisions with country clubs.
I can see all rows and rows of these luxury homes with ‘For Sale’ signs–all of them available for a song. In the meantime, the value may hold on sensible, affordable family homes in ordinary neighborhoods.