Yes, your description is spot on, and this might just be the first round of layoffs.destinsm said:.
Sad thing is that this is what gets the ball really rolling... We hyper inflated RE and everything it supports (jobs, consumerism, etc) and now that we are on the downside people will be loosing jobs, buying less things (more jobs lost), causing even more pain...
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The 'correction' needed to happen, it's just a bummer to be caught up in it, but we always knew there was a chance this could happen to us when we came out here.