People who just prior were living the illusion of the "good life" will suddenly feel the very visceral reaction of realizing that the life they were leading was not their own, it was the bank's all along.
You can say this again oh my this is happening since ages. I have met people who were devasted by losing their home to the bank. They "invested" in their house as it was their own , although the loan was on 20 or 30 years . So many things can happen in this time. I feel empathy and I can see the sadness of those who had to give up their dream of finally owning their own property. Debt is good if you take a loan on a house and rent it , so it could bring you money. But once you move in, you bleed money . And if they're bank money...The bleeding can really be deadly.
Yes, which is why the news saying "interest rates aren't expected to rise for the next two years" is ridiculous to use to make decisions.
I am hoping that at some point, I will be able to get a rental property or two, to offset the family home.
It would be awesome to get that, I saw in your posts how much time and money consuming it is to renovate your home. Literally draining you of money. The rental property could bring in some very nice cashflow and it would make your life so much easier. I saw some people renting out one of their rooms in their house as an Airbnb place, for additional income. Or they build a tiny space in their backyard for this purpose too. Has this crossed your mind ?