We are now living in the fast food generation..... everyone wants what they want, and they want it NOW!!!! Instead of working up the ladder, people are buying homes beyond their means and stretching their budgets to the point they are thinner than ice. Eventually, the ice breaks. It's like a friend of mine, depsite my trying to reason with him, he insisted on building a brand new home as his very first home. He was an average payed union worker... making about $18 an hour. After having taken out the taxes from his wages, his mortgage was almost as much as his monthly salary. Sure enough, one weekend, while workin on his house, he fell and broke his arm very badly. Now all they had was wifey's income to fall back on because they had always been spread so thin that they hadn't been able to save any money. She made about $12/hr.... which wouldn't even cover the mortgage, let alone the bills.... so they lost everything....... Had they have bought sensibly, it would have been rough, but they could have made it through. Instead, they bought beyond their means, and lost it all. This is the fast food generation.... and yes, it's going to get worse because we promote this way of thinking. Likewise, the people lending the money are making these sorts of loans, when anyone decent at math can easily calculate what the end result of these types of loans will be.....
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