Well, yes, of course. But now is the time to be gracious. Evidence is finally seeping into the mainstream media that the ride is over. The last thing you want to do is rub salt in these people’s wounds. Remember that for a lot of them, it’s not just paper wealth they’re losing. For those who refinanced and took out loads of cash, or for those who bought at or near the peak, they could quickly end up upside down on their homes. Not pretty. In fact, as someone who dreams of a modest home in San Diego, I find it very very sad. I wouldn’t want to be in the same situation. I do, however, see friends and family facing these very situations. Be understanding. Don’t gloat. No one likes to hear “I told you so.”
