yeah, there has been a long subtle change over the past 100 years, from homes being places to live to places that people see as personal banking accounts and investments. This is definitely a double-edged sword, as when market bubbles happen it can have some positive economic benefits but at the same time drive all home prices up due to speculators and flippers turning what was an $80k house into a $130k house. Then the young family going to buy their first house has to pay a crapton, and if they get an arm (dumb, should be illegal) they suddenly get their mortgage payment jacked to the moon, and as was recently the case, their home value might drop back to $80k while they're paying a huge percentage more per month in mortgage now. Bingo, mega forecloseure rates, along with the speculators who bought 10 homes thinking things were going to go up forever. Hoas as a structure are generally designed to try to keep home prices up. This can be a decent thiing for people who are fully aware of the big picture and want what this deal offers, but at the same time i have to think :
Isn't the primary function of a home to serve as a place to live? Why then do we go through so much trouble to make it so expensive as a society? Would be better for many people if home prices were 1/4 of what they are now, if people were paying $250/mo in mortgage rather than $1500/mo, there would be more $ for consumer spending and actual savings.