Reading the profiles of these homeowners is scary - if any one of them lose their job, they will almost certainly be facing foreclosure. I think the house-price boom has been fueled in large part by the widespread belief that home ownership is a right, and everyone should be entitled to own their own place, whether or not they can afford it. Increased demand pushes prices way, way up. Homeownership is no more a right than the "right" to own your own car - sure, it's a lot more comfortable and convenient to own a vehicle than to rely on public transportation, but if you can't afford t, you can't afford it.