Second, have this person ever, actually, maybe, possibly, coulda-sorta SPOKEN to a real live homebuyer/homeowner? Because, if he had, he’d realize the true dynamic of the homeownership experience has nothing to do with the economic drivel he espouses. People have families and they just want to own something that is their own “piece of the rock.” I know because I’ve been speaking to these folks in plain English (and Spanish) for the past twenty years helping them achieve that goal.

Third, since you weren’t actually THERE, let me help you to understand Bubble Era Mentality: EVERYONE WAS CRAZY. I sat with homebuyers trying to tell them their $40,000 per year salaries could not support a $975,000 house. I listened to Sub-Prime account executives telling me on the phone to commit fraud to get my clients to qualify (I don’t do Fraud and I don’t make up fancy job titles with exotic income to qualify people for mortgage loans. Never have. Never will.) I was flamed constantly on the internet for hewing to a strict 30year Fixed Rate, buy-what-you-can-afford line. I watched as the media and internet bozos like Mr. Interfluidity told everyone to BUY NOW, BUY More, Be Happy. I was there, and your analysis doesn’t even come close to catching one whit of the trend of those “bubble days.”

Guys, do us professionals who are still standing and who didn’t create this mess a favor: stop talking such nonsense. There’s folks out there who just want to own their own home. It’s not complicated, it’s really very simple.

“Leverage?” I’ve been sitting with first time buyers for 20 years. Not ONE person has EVER used the word “leverage” in a sentence with me. Cut it out.

TC