We are on the same page. I don’t fear it however. I agree that it will be good for society (eventually)
The country recovered after the 1930’s too.
An abyss is either bottomless or very far down, so I’m not sure where you think we are….
Baby boomers have had a pretty good life, the last 65 years have been prosperous, with a few hiccups and many people are now living way beyond their means. Many with ONLY a home as their retirement nest egg.
I have a crazy vision in my head and I really want to be wrong about it. It’s hard to see so many people wading in debt and denial.
RE is far from being out of fashion….that’s why those that are buying, are still buying, and others are hoping and praying.
It’s still fun to watch FLIP THIS HOUSE too.
I don’t think a “crash” is imminent,, It’s going to drag on for awhile and be on a house by house, neighborhood by neighborhood basis, but I think that certain areas will be hit VERY hard.
One thing that I wonder though is even someone with an 800 credit score, at some point will they walk ?
What is their credit score worth if their home is worth 50%-60% of what they owe, and they owe $1M ?
Think San Diego, LA & OC not just IE.
Cribs in the Hood were $400K++ c’mon !!
My goal a year ago was to find the first house that had been foreclosed on or short sold twice in this cycle. I figured it would be mid 2008 for that to happen.
I saw this mess coming long before the subprime loan market disappeared and the fall from grace of jumbos.
These two unexpected factors have added to my concerns..
It’s almost impossible for a homeowner to protect themselves from the continued loss of net worth, AND the false sense of what their house is “worth” without taking huge risks, not prudent for most people.
1928 was a good year, things changed for the worse in ’29 and few saw it coming.
At this point, my only thought is wanting to know what kind of toilet paper is used in govt so I can buy stock in the company that makes it. I firmly believe that they have no idea what to do to fix this mess and are crapping in their pants daily. The need for TP in DC has got to be huge.
