On a bit of a different topic. From what I hear, the typical 90% first loan and 10% second loan to get around paying PMI is no longer available for people with a LTV higher than 75%. This is yet another example of how things are tightening up in the credit world for potential home borrowers.

Right now it’s all about bringing some money to the table and proving you can afford the payments.

I remember reading an article during the bubble peak about how many people could afford homes using the traditional 30 year fixed loan in SoCal. It was something ridiculously low (below 10% if I recall correctly)