So, Since I haven't gotten too much in the way of corrections, I am going to continue with the thoughts that I have concerning this graph.
I was never interested in buying property. Never had a mortgage. Never will. The thought of being bonded in place, paying for a 1/4 acre chunk of an old pasture in suburbia always made me nearly physically ill.
But there were plenty of folks out there wanting to live the dream.
Now, lately we have been telling everyone who will listen what a bunch of fuckers the banks were. We were right about this. But let's not forget for a moment the stupid friggin' pukes on the other side of the bargain. They all knew that they didn't have the money. They just thought that they had to have the dream. So they went out and bought too much.
So basically we have liars selling to thieves and both sides screaming about "moral hazard".