I understand many are not. However plenty of struggling but otherwise responsible homeowners will make it through alive. In low income areas that got pummeled, housing was the lottery ticket to stop lving paycheck to paycheck. As soon as the ping pong balls were drawn and the ticket wasnt a winner they dropped it and ran. In the higher income areas people are more attached to their lifestyles, their communities, have other ways to make money, have savings, family support and thus more staying power to ride out the storm. There are plenty of folks out there just like us. Alot more than the irresponsible folks we loathe.
As bad as things look, it only takes a couple years of a booming economy piled on top of a devalued (ie inflated) currency and voila the unsurmountable vanishes. I’m not calling for that boom any time soon, but what would one do in 2020 after 50 to 75% nominal inflation since the peak in 2005/2006. Imagine 3 or 4 years of annual tax revenues double what they are today. They could sweep alot of this mess under the rug and that is what I beleive they will do. It’s just hard to imagine today.
