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Is There a Silver Lining?
I think that's been happening already. My theory is that there is a big percentage of people that took advantage of these low interest rates in houses and bought in the last three years or before. So they don't feel the pressure. And I remember being a 23 year old kid and sitting on a quarter million dollars in equity in my first house and thinking I was rich, right? If I really needed to, I could pull a home equity line and I would be totally fine. That's because so many, so many people have their wealth tied up in that. The real pain isn't going to happen until that house prices really started to fall.