We're seeing REAL TIME pain and suffering by people who made a very healthy income just a few years ago. I know one lender [20 years experience] that has been literally living on credit cards for more than a year.
If homes aren't selling, carpet layers, drywall and floor installers, plumbers, etc., are all scrambling for the work out there today...which is a drop in the bucket compared to a couple of years ago.
You and I both realize that cycles in various markets do happen, but some people here seem to brush it off as a “woulda, shoulda, coulda” holier-than-thou attitude and that neither helps those affected, nor themselves. They also aren’t as “insulated” from the effects as they think they are.