Home ownership can be a great thing, but it requires a lot of money or a very stable income, people need to only buy well within their means and when they intend on staying and when they belive they can afford the payment long term.
Many people were buying homes that were way beyond what they could pay with the plan of refinancing or selling within a few years. That is a silly get rich quick scheme that backfired on many people, and harmed many responsible people.
I have made a lot of money in the last 8 years by selling when it made sense and renting for the 4 worst years, then buying when it made sense again... but I was mobile because I never owed more than my homes were worth and I could afford to move and rent.
I expect my current house to be a home for many years, where I am going to raise my children, but according to current estimates and comparisons to other houses in the hood, I have made 66% on its value.
Many people were buying homes that were way beyond what they could pay with the plan of refinancing or selling within a few years. That is a silly get rich quick scheme that backfired on many people, and harmed many responsible people.
I have made a lot of money in the last 8 years by selling when it made sense and renting for the 4 worst years, then buying when it made sense again... but I was mobile because I never owed more than my homes were worth and I could afford to move and rent.
I expect my current house to be a home for many years, where I am going to raise my children, but according to current estimates and comparisons to other houses in the hood, I have made 66% on its value.