People didn’t stretch to pay 50% plus of their income on ARM payments because they were expecting their wages to increase enough to eventually make the full payment; they did it because they thought there was a big payoff in the near future.
Besides, if the tech sector was that big a factor why did our market do an about-face and enter into a decline? This region has close to 3,000,000 residents. Did the tech sector suddenly lose 15,000 jobs that were paying $100k+?