Not being able to absorb a gas price hike is part of overextending yourself financially to own a home. There was a term for this. “drive until you qualify”. Builders and realtors were pushing low/no down loans on home far out in the exurbs. People could barely afford the interest payments plus their other expenses (food, utilities, maintenance). So the cost of any item could be a big deal.
I agree that this is a stupid way to ‘invest’, but it is very similar to how financing is working in the oil industry at the moment.
I read a few books on the housing bust.
Guys in California who were working at car wash on Monday were on Tuesday (after a half day of “training”) writing half million dollar mortgages to illegals making min wage.
Crazy stuff.