You are right, it is definitely harder than it was during the mid 2000s free-for-all. People are conflating "cheaper" with "easier" in this case. Just because rates are suppressed doesn't mean anyone can get a loan.
But it's still easy enough to move the market. Cheap credit no one can get isn't going to have an impact.
When 2.5x median income doesn't buy the median house (or even close) there may be an issue. There isn't anything magical about the 2.5x number though, but IMO there is an upper limit on what is reasonable for people to spend on housing.
But it's still easy enough to move the market. Cheap credit no one can get isn't going to have an impact.
When 2.5x median income doesn't buy the median house (or even close) there may be an issue. There isn't anything magical about the 2.5x number though, but IMO there is an upper limit on what is reasonable for people to spend on housing.