DZ
You are looking at median incomes and median prices. I dont beleive that prices of the nice upper middle class homes that now sell between 700 and 1.2M have not outpaced incomes by a WIDE margin. It is much closer than you think and my example proves it.
Bring on the re-sets. Everyone I know who has had a reset has seen their payments go down substantially with interest rates where they are. I never said it s different this time and prices have already gotten hammered by most measures. You are looking at percentage declines but I had this argument long ago on this site. Home prices change in dollars not percentages. Buyers dont say I’ll pay 10% more or less they say they will pay x dollars. When things boomed around me all homes went up roughly the same amount in dollars. The low end had much higher percentage gains while higher priced homes had much lower percentage gains. Thus all homes will likley decrease by the same amount of dollars around here but it would be saying its different this time to expect them to fall by the same percentage when they did not increase by the same percentage.
