Quote:we are a couple years away from this, but I completely agree.  

 

It's already happening with banks and lending institutions offering loans that people can't really afford for real estate.  As an example, my sister and her husband recently bought a home in Colorado Springs.  When they applied for a mortgage they were told that they were approved for up to an $800,000.00 mortgage.  My sister told me "we have no business even considering an $800k mortgage.  Why did they offer that to us?"  While her and her husband do make pretty good money and have other assets, she's right.

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