I would argue that this “will be the first national housingcrash”/debacle, it will be the second. I studied the 1929 depression and it happened there first. Everybody then had an interest only 5 year loan.
When I first studied the depression, I wondered why all of the loans were for 5 years, renewable and most were interest only.
When the depression went full force, there was no money left to renew the loan obligation. If you delve further, states declared house foreclosure moratoriums.
I think what you are saying, although inadvertently, is that there is no one around that remembers the last time that this happened. Therefore we are destined to repeat the past.
