I don’t understand how all these people thought that they could “afford” $500K-plus homes on such low salaries. I was absolutely terrified when I bought a $115K home in 2000 on a $50K annual salary. My payment (including impound) was like $950, a $300 increase over the rent I was paying at the time(in Sacramento things used to be cheap). Even now, with an annual income four times what I was making then, I would not take on that kind of mortgage unless the house was on several acres of land or riverfront.
