
Everyone can't own a house. We tried that during the housing bubble, and it didn't work out very well. First, by pushing everyone into home ownership, it raised prices to unsustainable levels. Second, doing so by giving unqualified buyers dodgy loan products created instability in the market resulting in a credit crunch and a market crash. Increasing home ownership is a laudable goal, but there is always a segment of the population that isn't cut out for home ownership. Some people need the freedom and flexibility of renting to pursue career opportunities. Some people simply don't have the financial discipline to consistently make mortgage payments to sustain home ownership. The big lesson we should learn from the housing bust is…[READ MORE]