except for the statement that those with families can choose other jobs. In some areas it isn’t always a choice. But what happens with all the ‘real’ jobs disappear because of the poor economy, and people with families are forced to rely on minimum wage jobs? You CAN’T pay a mortgage in most areas if you’re only making $900/month. And you can’t just raise minimum wage across the board to $15/hr, for reasons that have been discussed here. So the poorer areas end up with more housing defaults, causing values to drop so that others can’t sell and move to a better economic area.
Are we destined to end up with several large ‘financial black holes’scattered around the country that slowly suck the rest of the nation into them…?