It seems to me to be pretty risky to have 2/3 of an areas borrowers in these non-equity gaining loans. I work for a law firm in the NYC metro area and I don't know any legal secretaries who could afford to buy a $500,000 home on their own, even with 25% down. The California housing market really does seem to have become a bubble, based on this article.
Yeah, a $125,000 down payment, but with an interest only loan.
We're doomed!!!!!!!!!!