In 1994, you could stomach losing $20,000 and get out. You fore go the next car and pay it off over five years.
With homes in OC having a median of $625,000, that “average” loss likley will climb to $70K or so and could easily push six figures. People won’t be able to stomach and walk away with a $100,000 loss.
That’s a bankruptcy level loss which changes the game.
