Why do you “think it will never be like that again”? That is an illogical statement. The main purpose of this site is that we belive IT WILL BE THAT WAY AGAIN. The current prices are NOT based on peoples real income. It is a scam that was enabled by the loose lending. As we speak this pyramid scheme is unravelling. The subprime lenders are dead. One of the prime lenders, American Home Mortgage just announced a disatrous earnings warning. In the big picture this unprecedented rise in home prices will be but a blip.
When it is all finished, absolutely you will be able to buy a house in San Diego on an engineers salary.
