I can afford a crash. It might even help my kids buy homes. Over 10 years, my equity will come back, if I lose much at all. My youngest daughter and her husband have $25K in the bank and fairly decent jobs, but they feel priced out of the market right now.
I forgot, they would have to put up with 25 Mexicans living next door in the 1 bedroom house with ten cars in front of the house.
Nobody can afford a crash. If/when real estate goes it'll hit Wall Street, which has been packaging mortgages as investments, like a tidal wave. It will hurt every single ancillary company that services the building trades, from lumber to toilets. Then it'll echo through the rest of the economy.
my home has increased 700% since we bought it 22 years ago. I am just amazed.
My sister laughed at me when we bought our home for less than 100k. She told me we overpaid for it then.