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I want to sell a home and just deleverage some others. We're bubbly in the Valley again in terms of real estate. Yes, there's huge economic stimulas driving it, but at the end of the day the pricing has ripped through what even a dual professional income family can easily afford. The second those dual income families lose one of their incomes....it's going to be bad. Lot of forced selling in those new developments.
Nothing shady about the loans this time....everyone can afford it now, while they both have six figure jobs. It's just if one of them loses a job....jobs held with the thousand money losing start-ups that can't survive a year without additional funding... Who is to say the Valley comes back again? It's not like most have long strong roots to the area.
However, I'd also say that's a largely local phenomenon. Plus I'm not seeing families overextending themselves to buy home after home after home after home. Everyone decided to buy one home and play it safe....and those home prices have gone through the roof. Everyone that bought in the recession is looking at 250-600% gains since then. That's crazy.
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