Comment by acdha

The weird thing is that you could have written that same sentence 20 years ago. I remember around 2005 the Union Tribune ran a map of San Diego showing the percentage of household income spent on housing, with the entire coast red even in the rich neighborhoods where people were getting interest-only mortgages on multi-million dollar homes. At the time I remember being amazed at how many people would take such risky loans but now I’m more impressed by how often that worked: unless they couldn’t make it through the 2009 collapse and had to sell right then, they probably did clear a good profit from that strategy.