JWM, good posts. I’m with all the way. People are too SD centric because they are used to the prices and see a $50k drop as a deal. There will be a general recession hitting us soon and will cause people to snap back to reality.
AN, buying a house you can comfortably afford is one thing. But if that house drops $300k that means that you still have to pay the original loan whereas you could have spent $300k on something else to improve your family’s wellbeing. You’re giving up a lot of purchasing power for the benefit of owning now. So a paper loss is a REAL loss in opportunity.
