Yes, but that was based upon on consumers assuming the card deck wasn't stacked. IT WAS.
Was the public privy of our multi-trillion dollar debt? Or those supposedly charged with the honest and fair regulation of the banking and mortgage industry of which lies, collusion, and various ethics violations were committed?
People engaged in all sorts of behavior, using home equity for vacations and frivolous gifts. Home flippers were touted as national stars, as if they were actually creating wealth instead of engaging in speculation.
This is all technically true, though historically what's occurred in real estate values has NEVER happened.
However, next time we buy a home or refinance, we should presume the equity today to be no "safer" then at Churchill Downs or with the local bookie.
Or those supposedly charged with the honest and fair regulation of the banking and mortgage industry of which lies, collusion, and various ethics violations were committed?
We know that never happened but it does not justify the total lack of any diligence or common sense frugality among the consumers.
People went willingly into zero percent down, no principal payments for years, etc etc.
Granted it is very hard to think for yourself when the entire media structure was crowing about housing as fail safe, ignoring previous housing busts in the USA.