Ah yes, the old “life is better when you are a homedebtor” argument.
Believe it or not I actually recently wondered if I might “miss” this correction for lack of down payment cash. How stupid does that sound?
Now that I think about it, the complete lack of savings and down payment required for real loans virtually guarantees a prolonged decline. People who want to own are going to have to get frugal again and save. No way around it. I’m pretty sure I can outfrugal the masses so I don’t have anything to worry about.
I’m guessing there aren’t enough responsible buyers on the sidelines to make a big difference to the upside for many years to come, especially staring down the barrel of double digit interest rates. People are going to get real demotivated about real estate.
