“All I know is that trying to project that people do not have cash is close minded”
Why? Projecting that everyone does have adequate cash purchase is any less myopic? Neither one is true of course.
No one has yet to address my original question in its entirety. The market cannot be sustained by selling houses to each other within a particular strata. If the first time buyer is not engaged then ultimately the market will crumble. This has already been demonstrated at the lower pricing tiers. To ignore the importance of the downpayment and its source is to ignore why the exotic loans became affordibility products in the first place.
