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Because not enough time has passed. People are still in the middle of mortgage forbearance. Upper middle class people have not yet had to dig into savings/investments because they are receiving unemployment money and stimulus checks. This pandemic WILL stretch well into 2021 thanks to the incredibly inept and frankly criminal response from the federal administration. I think that the housing market and a good part of the economy will stop being sustained by falsehoods and that the reality will hit HARD in about 10 months.
Think about all of the small business owners who have gone under already. They also own homes that they soon will not be able to pay for. When the unemployment and stimulus run out, thousands upon thousands will be left homeless and there will probably be a huge glut of homes. I don’t care if the mortgage rates drop to 0, if you have no income, you can’t make the payments.
Save, save, save.
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