Perhaps but 35% is no bubble. Folks are qualifying and a serious down stroke embeds a cushion. Add real market stability and an actual broadening into the small towns as well and we see a large deep market that has adjusted to low rates and million dollar mortgages.
The real risk is a decline in high paying jobs. Yet that sector merely participated rather than drove the market. It still takes a combined family income of several thousands of dollars to qualify and that is common enough.
The real surprise is that we got here and stayed here allowing the entire market to generally adjust. The price structure is a pure result of one and three percent money along with sound banking. This is what was missing in the USA. We merely proved that once in place, it still takes several years for prices to adjust upward..