If these “hardworking families” over levered themselves to purchase an overpriced house with a mountain of debt, then they took the risk on themselves. But in reality, getting foreclosed on just means they can live rent free for 2+ years, just like the last crash. It’s not the end of the world by any means.[/quote]
I think you suffer from the same thing that previously spdrun (who seems a lot more refined now post-covid, kudos) and bearishgurl(who disappeared). You have an ax to grind from anyone who put the time and energy to make a big purchase, something that you kept justifying for 20+ years was “too expensive” or out of reach for you financially and you now feel really left out, expecially given that you’ve either spent 20+ years paying a landlord and have nothing to show for OR you’re living in a home owned by a family member for little to no cost.
It’s much more convenient to lump anyone that bought under the false idea that they are all financially irresponsible, and you’re looking for big financial calamity to prove your point. You gloss over the majority of homeowners that while not be such a scrooge or penny-pincher do work hard and follow/exercise some sort of financial goal/plan to achieve those goals, and execute on those plans, which takes a lot more effort than sitting on the sideline for the past 20 + years playing sideline financial coach. This is especially true for people that aren’t a bachelor and have a spouse and kid to think about, and what they want, unless they happen to be an un-opinionated that just worships one’s feet and takes anything one says verbatim as the gospel.
Again, rooted in your message is you feel left out and want to be made whole. I’m not worried about all these folks, because imho, majority of these buyers are locked into ridiculous loan rates for 30 years, while lending standards are still pretty tight, which means not the same stated income alt-a liar loans… And this is the 21st century. Many families here have 2 working adults, not one that is confined to domestic duties (and in some cases in my spheres the husband is the one that is the deadbeat and stays at home.) Dual income families, that provide a safety cushion in case there is 1 job loss.. Meanwhile, when it’s all said and done, I’m pretty confident you won’t materially change and you’ll still not be a homeowner even if we have a correction. You’ll never take the risk on anything larger than a few shares of stock, and the only way you would be pushed into home ownership is if you have no choice and your spouse gives you an ultimatum. There’s nothing wrong with not wanting to own a house, because it is a big purchase. But just call it for what it is and stop using other reasons for justifying your personal decisions. No different than EconProf trying to claim he moved to Utah because he hates California. Please, he moved because his kids are there.
