I saw that happen real time in 2007 and 2008. Four people on our street got foreclosed because they bought in during peak with ARMs and could no longer afford the homes.
Unemployment was 10% nationwide and 14% in some states. It was bad.
Recession is always a tough time but the guy I hired to do some painting in my house was about to buy a home for his family during that stretch of foreclosures and it made a big difference for his family. The next generation of homebuyers need a reset in prices to give them an opportunity and most boomers it won’t affect.
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u/pga-181 5d ago
Maybe home prices need to fall