Sorry, but I know a lot of first time homebuyers who have struggled to buy a house in recent years, and they weren't buying Hummers. The ones who went out and wasted their money on such purchases are a small minority.
“Sorry, but I know a lot of first time homebuyers who have struggled to buy a house in recent years”
I agree and have compassion for the first-time homebuyer that struggled to buy a house. If they purchased prudently and cautiously, they’ll be able to move up in a few years.
If they overbought and are now upside-down in a house they can’t afford, then they will learn a valuable lesson out of this.
Anyone who is adversely affected by the declining market, no matter how stupid or greedy or unlucky or naive they were to get themselves into this situation will be able to recover.
It will take time and delayed gratification, but everyone can recover if they are willing to take the effort.