nothing unusual is happening. It’s normal for excesses to self-correct and align to the true state of equilibrium in terms of home prices, mortgages, rents, incomes and affordability. This time around there are a lot of excesses and the correcting tidal wave is going to take many people right to financial ruin. These people were either greedy (speculators), dumb (first time buyers) or reckless (HELOC borrowers). When you are these things and start playing with fire it’s obvious that you will get seriously burned and we cannot feel any sympathy for these fools. They walked into their own graves due to their indifference, overindulgence and rose colored glasses! My $0.02.
