The rude awakening came when property values began to decline. For those without an equity cushion, refinancing was not a possibility, and rising interest rates have led to default, foreclosure, and homelessness.
当房地产价格开始下降的时候，人们突然惊醒了。对那些没有资产净值作为缓冲的人来说，再贷款是不可能的，而不断上升的抵押贷款利率已经导致了违约、丧失抵押品赎回权以及无家可归。