I think there are more long-term owners in trouble than people think. Every group fell victim to the lure of the home ATM. The 2000s have been big conspicuous consumption years. Many of my mother’s generation have been taking money out of their houses and spending it. I know of a very middle class retirement age couple that refinanced their home to remove over 50k for their daughter’s wedding. Pure foolishness! They probably spent at least 10% of their net worth on a party!
