Thank you TG for so eloquently explaining the pig. side of things.
Having just posted about foreclosure affecting 2 couples we know, I am not one to say I’m cheering on their demise. It is unfortunate, however both couples were living way beyond their means with no sense of financial responsibility, so we knew this was coming for a long time. Even having us to warn them and advise them against their spending/borrowing decisions, they continued living large.
This being said, it’s unfortunate that many people will have to learn the hard way to be responsible in their lives, but I can’t be totally sympathetic and forgiving of them when most were completely irresponsible. Again like TG said, this is at the cost of others. I am a Gen Xer myself and feel blessed that we got into real estate (and got out) when we were very young. However this is not the case for many of our friends. Like TG said, these couples are forgoing starting their families, etc, because they feel they should have a home first. They have been chasing the dream for years by saving, but still were not able to keep up with appreciation. You know how hopeless this can be.
Like others have said, in every correction there are losers, but there are also winners. Once prices come back down from the stratosphere, many first time buyers will be able to finally realize their dreams as well.
I think most that are experiencing a financial mess right now will also eventually be okay, and next time won’t be so irresponsible with their spending.
