I think it’s fair to say that many, if not most, people buying into the current housing market at or near its peak genuinely can’t afford what they are buying, but the lure of easy money (i.e. ARM’s and the like) clouds people’s judgement. My logical deduction is that incomes can’t support current prices, therefore current prices are unsustainable. Increasing foreclosures, due to ARM resets are validation of that deduction (not all out proof, but the link seems logical to me). People who contribute to this blog, who are being accused of being “disgruntled” are not really that, I would instead offer that they/we are a bit frustrated, perhaps, not even at the housing market, because it is what it is, but more so at the combination of incredibly loose lending standards, artificially low interest rates and the like which have fed and fueled the speculation resulting in our current unsustainably high home prices.