Asian,
You’ve stated well what so many ppl don’t seem to understand !!
This probably ISN’T going to follow a predictable path of any previous cycle.
(Past performance is no guarantee of future performance, blah blah blah)
The BILLIONS of dollars of write downs and BILLIONS of dollars of bailout/intervention is ALREADY unprecedented.
Many ppl who THINK that they are going to “scoop up bargains” can buy whatever they want if they have all cash, but most people have no clue about knowing whether or not they will actually QUALIFY for a non owner occupied loan, even if they have 25%-30% down.
There are plenty of people with money, and the rich will get richer, but Johnny Lunchbucket who spouts off about buying 2 or 3 rental properties if prices get really cheap may be talking out of his “posterior” and may be unable to qualify to buy ONE property, much less 3.
Any idea how many people feel like expert flippers JUST BECAUSE they have watched FLIP THIS HOUSE or Goofball Montelongo who has a few lawsuits chasing him.
