Be afraid! Be very afraid.
For many years now we haven't been afraid enough. WTF are people thinking buying a house on the income of, say, a burger-flipper? The very idea should scare the hell out of any sensible human. We can barely make rent, let alone a mortgage.
So, who put the blinders on our fear? Was it a society that condones debt, up to and including death-debt? That's what mortgage means: Death Promise. A mortgage is like marriage, until death do you part. Literally.
So, now what? Live in an apartment again? We'll be lucky if we aren't homeless. This isn't like credit card debt. Written off every seven year cycle. No, this is secured debt. With heavy losses involved in the equity. And heavy black marks on your credit score.
That means we all lose. Futures are uncertain, but real value needs to stay high, or everything becomes devalued if Real Estate becomes devalued. Its the only thing of "real" value in a Fiat Economy. Our money isn't squat if it doesn't roll-back to some sort of real equity. And that simply...doesn't...exist...anymore.
Be afraid! And for the love of Pete, live within your means. As of now, you'll be forced to. And good luck. We're all going to need it.
