I think people need to ask themselves is the sky really falling or are things going back to pre-covid levels? Let's call it what is, almost all industries that survived during the lockdowns shot way up in business. People were traveling less to far destinations and making more money thus spending it on toys/homes ect.
Things are slowing down there is no denying that and that's due to inflation and high interest rates and fuel. Home loan interest rates shot up way to fast imo and will hurt first time buyers depending on the area. I agree with 530 on this one, auto industry for new car sales will not be as effected just yet because of chip shortages and inventory. The used market however might see problems if a percentage of people start defaulting on their payments.
Anyone who over extended themselves in that last few years will have some issues but a good percentage of people learned their lesson from back on 2008 so I guess we will see how this round plays out.
Things are slowing down there is no denying that and that's due to inflation and high interest rates and fuel. Home loan interest rates shot up way to fast imo and will hurt first time buyers depending on the area. I agree with 530 on this one, auto industry for new car sales will not be as effected just yet because of chip shortages and inventory. The used market however might see problems if a percentage of people start defaulting on their payments.
Anyone who over extended themselves in that last few years will have some issues but a good percentage of people learned their lesson from back on 2008 so I guess we will see how this round plays out.