From the Wall Street Journal. No comment appears necessary:
“At the peak of the housing bubble, loan payments were the only cost that borrowers had to consider given the ability to take out no-money-down loans. But today, loan payments constitute roughly 50% of the total cost of ownership ‘and are rather modest by historical standards,’ . . .. “This explains why the record-low interest rates do not impress borrowers and do not propel home prices up.”
Nick Timiraos, Why Housing Affordability Is a Mirage, Wall Street Journal, June 14, 2012.