Re: What do we expect?
Sure my house has gone up 5x but that's irrelevant as long as I'm just living in it. I paid off my mortgage in 11 years, but i had a strong incentive to do so as my first mortgage was at 12% interest. For the past decade we've had stupidly low interest rates and it seems far too many people thought that meant they should take on an extra large mortgage, and at the same time not try to pay down that mortgage as fast as possible.
Now interest rates are finally getting back to normal and many people will be screwed as they won't be able to handle a 50% percent increase in monthly payments on a house that is declining in value.
Biting the hand that feeds IT
