Anyone who bought since 2003/2004 deserves whatever they get. It has been obvious for a couple years now that we were on the verge of a bubble bursting. Plus, if they need to use ARM/Interest only loans just to afford the payment, then this is nothing short of gambling in hopes that appreciation will continue.
Bottom line, anyone who gets ruined from this deserves what they get. This is natural selection at work. Those of us who exercised patience and sound judgement by not purchasing real estate in the last few years will be rewarded shortly in the form of cheap houses and less traffic on the freeways.
