> I doubt you'd find evidence that people who have mortgages over some magic value relative to their income suddenly start getting smaller annual raises.
Tell that to the people who are underwater on their mortgages and are therefore severely handicapped financially because it's punitively expensive for them to move to find a new job if they become unemployed.
When I was living in the US in 2009 I was laid off as a part of a company wide restructuring caused by the recession. Because I rented I was able to relocate to a new job in 6 weeks. Colleagues who were underwater on their mortgages and therefore had to find a new job within commuting distance of their house took much longer to find new jobs.
Tell that to the people who are underwater on their mortgages and are therefore severely handicapped financially because it's punitively expensive for them to move to find a new job if they become unemployed.
When I was living in the US in 2009 I was laid off as a part of a company wide restructuring caused by the recession. Because I rented I was able to relocate to a new job in 6 weeks. Colleagues who were underwater on their mortgages and therefore had to find a new job within commuting distance of their house took much longer to find new jobs.