How can you not place some blame on unqualified buyers who took out loans???? Each time I have purchased a house the bank has been willing to loan me much more money that I feel my budget can support. I get a loan based on my budget and how I want to live. That is what a responsible buyer does. A responsible buyer also plans for emergencies, so they can still pay the mortgage. Someone who cannot plan and budget isn't ready for the commitment of home ownership.