Because all of the genius RE speculators leveraged one property into a dozen and are now left holding the bag. They can’t possibly have made bad investments, could they?
Or the borrowers that have been moving every two years after withdrawing all their equity via HELOC’s. They are left with the option of bankruptcy or spending the next few decades paying down debt.
Might also be the boomers, whom were counting on selling their home to finance their dream retirement, as they haven’t been saving.
I’m with Shiller, I rent, own no RE or related assets and am shorting the building and banking sectors. Its all sunshine and rainbows from my POV. And when I do buy, at the bottom, I will have money left over to put into investments and the local economy. Rad!
