[quote=FlyerInHi]This NYTimes article says a year to 18 months.
Personally I believe that the US economy is all about cash flow. When cash flow gets hit, there will be bankruptcy galore. It takes time to dig out.
I am optimistic in the long run in that life goes on. But there are winners and losers.
Just think of a dual income family in San Diego that qualified for a home based on both salaries. Maybe they felt good and invested in a rental that generates $200 positive cash flow. A job loss for 6 months and maybe a relocation may put them under. Not good.[/quote]
I have a family member where they have a rental which isn’t paying rent now since tenants got laidoff/etc, but they have very high paying job, even qualified for PPP for another biz and suspended their own mortgage because they can for a year so they aren’t going under anytime soon. Also tons of 0% CC offers to hoard cash in case of further problems.
For prime areas in SD, I’m guessing if someone bought at a good time like a lot of the folks here, their mortgages are quite low due to refinancing and lots of home equity built up due to ~50% asset appreciation so if 1 person still has a job of the 2, they can probably keep their home without issue. Assuming they also have a HEL and decent credit, can stretch this for a long time.
