You are spot on grant. Some people are living lala land clearly have no idea. Your income would of needed to have grown by 300% to be able to pay the same % of your income on todays prices. You would be paying 60% of that income today towards your mortageg as opposed to 28% sub 2002. Its not just scary its massive ponzi bubble that will need to come tumbling down to get back to the service-ability long term trend.
