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Exit Liquidity: The Illusion of Homeownership in the West

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For decades, homeownership has been sold as the ultimate symbol of success — but behind the glossy promises, today’s housing market reveals a harsher truth. As prices soar and wages stagnate, the last wave of buyers is being lured into a cycle where risk is quietly handed down from early winners. This is the age of exit liquidity — and the illusion of homeownership is its most seductive trap.

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