If people can hold through the downturn, then they will be better off in the end. Downturns do not last very long, the 90's housing market and economic downtime took many people by surprise. They listened to the news, they tried to bail on their homes, or took exorbitant loans out against their home to make ends meet.

Mortgage rates are raising again, re-financing or taking loans out against a home is not a good move. It is a trap. Just like in the 90's. Those loans will be short term loans, then re-worked into the house loan because they are difficult to pay off, and then the house loan to value rate is not there, then payments can not be made, then banks come and take your home, foreclosure rates sky rocket, and hosing prices tumble, but the interest rate still remains high.

It is a waiting game, it was in the 90's and it will be again this time around. I hope people do not fall prey to the variable interest rate schemes from the banks again, but I know a large part of the population will. then rental rates will go up because people have sold their home, or been foreclosed on their home and are forced into the rental market.