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Like the previous housing busts, when prices drop 50%, there is so much general distress that there will be foreclosures everywhere, distressed sales, bankruptc
by WillPostForFood 4y ago
Like the previous housing busts, when prices drop 50%, there is so much general distress that there will be foreclosures everywhere, distressed sales, bankruptcies, and general economic misery. Sitting on a 5% mortgage on an underwater is ok, if you have a job, if you believe the market is coming back, if your neighborhood isn't descending into chaos.
- rcpt 4y agoHome prices dropping 50% puts us in 2018. Why do you think we'll all be knee deep in skeletons clubbing each other to death if that happens?
- usrn 4y agoBecause the prices have been so high all of people's wealth is tied up in their homes. It won't happen though unless there's already widespread violence.
- foogazi 4y ago> Because the prices have been so high all of people's wealth is tied up in their homes. Housing has been so high for 3 years All of people’s wealth was tied up in housing before then too - if they sell they’ll just get less for it now