Yes, low mortgage rates and the new push to get first-time homebuyers to sign on the dotted line are cited as benefits to the housing market and consumers at large. Affordability is preached as the new subprime loan.

But don’t look too closely, the devil is in the details and homeowners who work for a living are actually experiencing a more severe housing cost burden today than they were back in 2008, suggests new data from the Center for Housing Policy.

Real Estate Economy Watch covered the report, concluding the "share of working households with a severe housing cost burden increased almost two percentage points between 2008 and 2011."

In fact, the share rose from 21.8% to 23.7%.

Those feeling the squeeze include working renters and homeowners, the report concluded.