Loading ...I’ll add to that. If more people stop paying their mortgage down, same as contraction in the money supply will tank housing again.
I know about 5 people not paying, and the banks are paying the property taxes. After 6 years in NY the mtg becomes unenforceable.
Geno, I know since 10 years old. Both took up industrial precision sheet metal parts fabrication in 1964. It takes 10 years to be an “A Mechanic”. By 1975 the prosperity was over and on the way down.
He bought a $1967 Corvette Stingray, big block 427 with three 2 bbl carbs, total cost, $4508. Minimum wage was $1.40/hr. 3,220 hrs of min wage.
Corvette today? $75,000? Min Wage $7/hr? Now you need 10,714 hrs of minimum wage. Or, to repeat 1967, 3220 hrs, it puts adjusted min wage at $23.29/hr to equate the past to buy $75,000 Corvette.