“Regardless of how many mortgages “fail,” people have to find a place to live anyway.”
In my area, we are seeing multiple families living under the same roof.
That's a good point. I considered the factor related to extended families moving in together, but only in terms of grandparents living with their adult children and perhaps helping to raise the grandkids (like "the good old days").
This is the “3rd world” trend setting itself up here. We Americans laugh when we hear of 12 people living in 600sq ft. However, that’s what it comes down to when mom and dad have the only paid off house and the kids can’t afford a place of their own.
That's becoming the norm. Nothing wrong with families coming back together, as long as everyone pulls their own weight, helping out one way or another.
>>In my area, we are seeing multiple families living under the same roof.<<
Yep, that coupled with the other dynamics of this situation pointed out by Alberta’s child indicate a future of serious dwelling place price deflation and lowered standard of living.
It’s all there.
Meet the New Waltons.
In my immediate area, they have been converting detached garages into a small two room living area. Most have a laundry so gas and water, hot and cold, is already there. They are suffering and it is sad, but I'm sure that they are possible relatives and have to combine income to just survive.