I have very little sympathy for them. There are numerous titles out there, and have been for years, espousing the wisdom of buying a house that is not more than 3x one's annual gross household income with 20% down before buying, but people have been thumbing their noses at that, and ignoring sky-high, unsustainable valuations, and buying with 103% mortgages, and being complete buffoons for years.I mostly agree, except for the "unsustainable" part. I've been hearing for over 30 years how home values in markets like San Francisco and Boston cannot be maintained at their levels. Clearly, they are sustainable.
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