6 geese lay monday , page-187

That is because the cost of houses (and really why go into significant debt for anything else?) are stupidly high compared to income. Much, Much higher then what it used to be. Imagine if we had interests rates of 13% or so agian..

7-8% is about as high as the banks can go, any higher and they start getting a large increase in defaults imo. The only way for higher interest rates is for signifiantly lower house prices, ie $100,000k of the cost of a house and land.