I read an online article yesterday about people nearing retirement who are finding their world turned upside down because of their homes. They had assumed they would retire, sell their homes and use the money for a leisurely retirement, maybe do some traveling, etc. Those plans are now out the window for many of them.
Because of the financial mess we're now in they either can't sell their homes because of slack demand, competition from millions of super-cheap foreclosures, or because they owe more than their house is worth, or all three. They're stuck with homes they often don't need any longer or can't afford because their scaled back retirement won't cover their mortgage. They're screwed!
I'm SO lucky to have seen this coming in time for us to sell our home, make a decent profit, and preserve the opportunity for a modest retirement. At least we have options, something those people mentioned in the article I read don't.
The sad irony is those crooks that masterminded and profited from the phony financial bubble and their paid political enablers are still living the high life, while millions of good (but naive) middle-class people are going to have to develop a taste for hamburger helper. Or maybe just "helper".