In order for the current FHA debt ceiling to make sense, the ~$80K home in 1984-1985 should cost over nine times ($697,500/77,000) of a similar one today ($720,000)!
As we can see from the above listings, they do not (and likely never will).
So the $64M question is, what is the FHA doing guaranteeing mortgages in markets which are NOT the prospective homebuyers they were put in place to serve?
