Different Perspective on the Housing Bubble

Here's an interesting NY Times article that gives a new perspective on the apparently now-deflating housing "bubble." As argued by the author, high home prices do not provide the greatest benefit to the greatest number of people -- sort of a utilitarian perspective. I wonder about his claims that only 1 in 10 homeowners have mortgage debt equal to 90% or greater of their home value. Regardless, even if true, if you're that one in ten, you've got a lot to fear from the bubble deflation, particularly if you've got an ARM that will require increasingly larger payments.