We all have different opinions as to the speed and extent of a decline but NO ONE here is expecting good things to happen in the housing market but rather bad things to happen. That makes us all genreally negative on housing.
So a correction = a bad thing. This is long overdue. Mostly, irresponsible people will be affected in a negative way, and in the end responsible people will be rewarded. Housing, may become affordable or in line with rents and incomes again. How is hoping for that negative? I say it IS a good thing, hopefully it puts a lot of unethical lenders out of business, and prevents future weeds from sprouting. People who intend to put a down payment and eventually pay off their home may have a shot at getting a good deal.
Sure, some people will loose their homes, but..
A. They never really owned them or had equity in the first place.
B. They never really could afford that home in the first place.
C. Are going to have to rent again, which is actually better for them.
D. Hopefully they will learn a lesson that buying a house is about paying off a responsible loan in order to OWN a home, not take out any loan possible that gets me in the door.
E. Maybe in the future, we will have much tighter lending standards as mandatory. Once again, owning a home isn't for everyone, a degree of responsibility is required, it is not a right here in the US, it is a privilege.
F. It is a great thing for people who pay cash or have a large down payment.
G. Hopefully it puts a lot of unethical loan officers, and lenders out of business and forces them to get real jobs.
