Elaine Stewart wrote a very interesting post on home affordability. I am placing a link to it in this blog
What strikes me with this is the following; In the late 90's and into the 2000's there was a great push to get everybody into a home. This is the American Dream after all. Yes there were people who should not have been able to buy, in my opinion. But of course they were lent too. You can say it was due to government programs. I believe the fact of the matter is that there was so much money coming into this country that it had to go somewhere in order to make money. Housing ended up as being it . But I am digressing a bit.
Now after reading Elaines post what we have is a situation where housing and interest rates are at such a low point that the American Dream has never been more affordable !!! This affordability has come on the backs of hundreds of thousands of foreclosures and short sales. So the tragedy of the crash has created a market where the dream is more obtainable now than ever before. That to me is the irony of the housing crisis and bubble bursting.