I think a lot of these buyers are going to be sad when the waves of foreclosures and short sales start driving down real estate prices to more realistic levels. They’re going to see the house they paid $400,000 for suddenly worth $300,000 and that 20% downpayment swallowed up as they’re left underwater.
Not as important for those who bought within their means and plan to stay long term, but I don’t think people who bought this year are going to be able to recoup their money in 5 years if they want a change.
People are hanging on to single family homes because they offer protection from viruses and rioting thugs...