“If you purchased with a P&I loan, you will be very very happy in the long run”
And what makes you so sure that people will be VERY VERY happy in the long run ?? Are you a RE agent ?????
AND even if you are right, those who purchased with an interest only loan will be happy too. The thinking that P&I is CRUCIAL to someones success in real etstate is SOOOOooooo 40 years ago….
Thre is NO comparison to “the last peak”
Homes were much more affordable then, in relation to income.
You suggest they stop reading the newspaper and then what ?
Just listen to you ???
You just don’t understand that for MANY people it is a stretch to just pay full interest payments, forget about any principal. The extra couple of hundred dollars is just beyond affordability of many.
The carrying costs today to “hang on” and spend $40K+ a year waiting for the market to “recover” is irresponsible advice. People need to UNDERSTAND what they are up against and make choices that they can live with. The house may NEVER go back to the levels of 2005.
It’s attitudes like yours about housing and the stock market that have average people drinking Kool-Aid by the gallons. Pathetic advice.
SO,because so many people are delusional about the “value” of their house, they will remain in debt for twice what the house could be repurchased for in the not so distant future.
Govt gets exactly what they want. Keep people in debt way beyond what they can afford.
Keep the sheep BAA’ing waiting for the miracle cure.
