Californians taking big risks to buy homes, report warns | The San Diego Union-Tribune
From Fred Pilot comes this cautionary tale. But Obi-Wan Greenspan says this is just "froth," and nothing to worry about. Personally, I wouldn't buy a $600,000 home in San Diego with an adjustable rate loan if you held a gun to my head.

Desperate to enter the housing market before prices soar even higher, Californians are taking on larger and riskier mortgage debts, Harvard University warned today in its annual report on the nation's housing...In high-cost markets such as San Diego County, most purchases are made with adjustable-interest-rate loans...