http://money.cnn.com/2017/06/16/real...ard/index.html

39 million households are paying more for housing than they can afford

Nearly 39 million households can't afford their housing, according to the annual State of the Nation's Housing Report from Harvard's Joint Center for Housing Studies. One-third of households in 2015 were "cost burdened," meaning they spend 30% or more of their incomes to cover housing costs. Of that group, nearly 19 million are paying more than 50% of their income to cover their housing needs.
This is the kind of crap that gives me the willies. We have a major financial ebola attack about once a decade. 1987 S&L , 1997 LTC, 2007GFC, 2017.......

When people start not to be able to afford their houses, that is a sign of a bubble. Who can buy the houses? That is pretty much the definition of a bubble. When you look at interest rates increasing and the fact that people are overburdened with the payments now- as rates go higher, we could see a major drop in housing values and another loan-liquidity problem. And the real issue is that we haven't reloaded, or hit our monetary refractory interval- i.e. we shot our wad for the GFC and all the viagra (low interest rates) haven't gotten us to the point where we could go another round if something like a GFC hit.