In my humble opinion the blame should be shared between the media, Democrats in congress and senate and Alan Greenspan.
I said that before the housing meltdown started when Alan Greenspan kept saying the sky is going to fall and people abruptly stopped buying homes even though we had good employment and lowest interest rates in my lifetime, no better time to buy a home, but Greenspan was determined to put the cloud of doom over things. All you have to do is walk thought Lowes or Home Depot to see how many different businesses were affected when housing crashed and then we had the boomerang of $4 gasoline which really sped up the entire process, in the meantime the media had been telling everyone for the last 8 years we were going in the toilet financially (Krugman) and it became a self-fulfilling prophecy.
Yes, and homes selling at 10x median income (despite historically selling at 2.5x median income) had nothing to do with housing prices going off a cliff! The last 10 years have been nothing but a debt bubble.