Along the road of denial, hope turns to desperation and then reality…
F’brook isn’t immune from what is happening and what will continue to happen. Why would you think that it will be any different here than in general ?
The older residents ANYWHERE are in the same camp.
Anybody who bought their house prior to 2002 and never refi’d shouldn’t have a problem. It’s probably 75% of the general population that doesn’t have a problem with their mortgage payment or home value dropping.
The newer arrivals ANYWHERE are in the same boat.
Many are up a creek without a paddle. (i.e. with an ARM loan and zero chance of refinancing)
Some are one paycheck away from being able to buy groceries.
I don’t care if the value of my house drops to its 2000 price, I’m not selling or moving until I’m ready, regardless of market swings.
Bonsall is higher net worth in general, and in any area like that the people who have neg am loans to fund their mansion will be paying the piper one of these days.
The psychological wealth theory has kicked in. Many people are starting to see the facts. The 60 Minutes piece last Sunday was probably the first dose of reality for millions of Americans.
