I have no doubts now that 50% off or more is in the bag throughout most of socal, Las Vegas, Phoenix, etc. I have time, and cash, and will wait out the drama, however I do have another question…
Will the imminent housing crash ruin the economy? One part of me is saying that those who foreclose, may possibly end up spending more money in the economy once they abandon their insane mortgage payments. what are your thoughts on this? I already see it happening. I have a friend that threw in the keys to his home, found a nice rental at a great price, and now has more money to spend?
On the contrary though, jobs are and will be lost. Especially RE related like mortgage officers, RE agents, construction, landscape, pool, paint, etc. These people will obviously be spending less in our consumer driven economy?
