Across Nation, Housing Costs Rise as Burden – New York Times
The burden of housing costs in nearly every part of the country grew sharply from 2000 to 2005, according to new Census Bureau data being made public today. The numbers vividly illustrate the impact, often distributed unevenly, of the crushing combination of escalating real estate prices and largely stagnant incomes.

I’m glad that the Times has done a report like this. The middle class is getting destroyed and the working poor and poor have no opportunity of ever reaching the middle class or higher. This is taking us on a path to the feudal state where you’ll have the very rich and the poor who will be indentured to the rich for survivial. Instead of building affordable housing for families to live in, you have developers building luxury apartments. Governments will have no choice but to step in and run affordable housing developments in communities if the builders won’t do it.

The other thing with this is that the housing bubble will burst. Then you will have all these people sitting on property with high mortgages that was way too overvalued. They will loose half of their investment in many cases.