I will go with you. That still leaves the question: Who will live in those homes? There will be millions of ex-owners, who are unlikely to become owners. So, if those homes are not going to be owner occupied, to whom will the buyers rent it?
I don’t think there are millions of “Piggingtonians” who will swoop down, buy at a bargain paying 20+% down payment and live there. Just the sheer size of the (home losing) population is going to create its own dynamics. This is like a Southern California forest fire that creates its own weather system. And we have not even considered the political impact of all these. I don’t think the lenders can get away just playing by the rules of the mortgage contract.
