Similarly, the delusion of the "house poor" hoping for another 2008 is frankly hilarious.
The difference is, if you picked up a house at 2.7% you will be winning for a long time. There are fewer ARMs, which means a small more protracted "collapse". Housing supply is still non-existent and will be into the near future. Wages will need to keep pace with housing costs in order to provide anyone a chance to succeed. Even after a so-called "recession" in housing they'll still be too expensive. For example, if my house dropped 50% in value, it'd still be way over what I bought it for.
The only deluded people are the ones not holding property. Make no mistake, if you didn't buy/refinance in 2020 you lost out on a literal once in a lifetime opportunity to lock a massive short against the fed.
The difference is, if you picked up a house at 2.7% you will be winning for a long time. There are fewer ARMs, which means a small more protracted "collapse". Housing supply is still non-existent and will be into the near future. Wages will need to keep pace with housing costs in order to provide anyone a chance to succeed. Even after a so-called "recession" in housing they'll still be too expensive. For example, if my house dropped 50% in value, it'd still be way over what I bought it for.
The only deluded people are the ones not holding property. Make no mistake, if you didn't buy/refinance in 2020 you lost out on a literal once in a lifetime opportunity to lock a massive short against the fed.