“The more important fact is that historically before this once-in-a-generation economic bubble came along the median home price has been at or slightly above the level that was affordable to a median household. Those above the median could buy a little less and save money to spend on other things; many below the median could stretch a little and buy a medianish home. Incomes do not put a floor on how low prices can go.”

this is exactly the kind of thing i’m talking about, but would like to see supporting data..