It is my observation that incomes are indeed up, substantially, and not just mortgage bankers or loan AEs. Just look at the starting salaries of police officers, school teachers and the likes. I remember when they were pretty lowly paying jobs, but no more. I know a couple of highway patrol guys that make over $100K a year. And many teachers make over $60K for nine months of work. And don’t forget the hordes of mom and pop self employed. Much of their reported incomes are very conservative. Someone has been buying all these overpriced properties, and they’re not all subprime. Just something to ponder.
