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A big difference between today and the bubble years is the type of financing being used.  Back when the Tan Man was pushing exploding ARMs, more than 70% of the buyers took him up on it – today, more than 80% are choosing a fixed rate mortgage:

ARMs history

Plus, those who get stuck not being able to pay when their ARM increases can always loan mod out of it!

http://journal.firsttuesday.us/the-iron-grip-of-arms-on-california-real-estate/7324/

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