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If we don't want to repeat the crash we have experienced of late then the old traditional loan payment amount should not exceed 25% of income. That alone would be great insurance against the "normal" trends in house price verses income and year-to-year sales figures that continually go up, up, and up making it impossible to afford a house unless inflation takes it ever higher and we can sell it at inflated values or refinance it until we are within a reasonable pay range for our incomes.
Jan 20 09:57 am
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All Comments by GMC »New Home Prices vs. Median Income Chart [View article]
This year's sales shouldn't have to constantly exceed last year's sales to show a strong economy. It would be so much better if people could buy a house and live there while at the same time easily making their house payment and still be able to go out and buy other things without being house poor.
The correction is painful right now but getting back to living within our means without depending on artificial inflationary pressures on housing due to easy credit is the best long term cure for the econmony.