That is a very good point. I certainly hope we don't have entities like Countrywide running around handing out no-documentation mortgages like candy. But I thi

That is a very good point. I certainly hope we don't have entities like Countrywide running around handing out no-documentation mortgages like candy. But I think the price bubble for homes is outpacing ordinary peoples' growth in income in many cities. Not everyone is a HN reader with a six figure salary and money in S&P 500 index funds, ETFs that have almost doubled since 2017. Another important metric to look at is the percentage of people or dual-income couples whose salaries are more modest, who could have financially handled the burden of a mortgage for a home (or condo) at 2014 market rates and prices, and who have now been permanently priced out of the market into being a permanent renter. The home they might want to buy has now doubled in value but their salaries are not markedly different from 2014.