Quote:
Originally Posted by Biggd
A lot of these younger home buyers, under 35, haven't experienced a real down turn in their working careers. How prepared are they when they lose their job and no one is hiring, will they panic sell?
I think it is more likely people still try to unload their second homes to try and save their primary home. When that happens inventory sky rockets, no one can afford to buy, and prices fall.
Just how far they fall depends on the length of the down turn and how long people can hold on.
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There are also a whole lot of people who have already forgotten what things were like in '08-'xx. Case in point: friends of ours just pulled out a ton of money from their home equity that will probably put them under water when values level off AND extended their loan to 30 again, putting the payoff ten years or so AFTER retirement. Crazy stuff, and here I am trying to be debt-free by 50 (won't happen, but it'll be close!).
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