If you're making $40k a year and are buying a $1 million house I have no sympathy for you. Reasonably intelligent people, whatever their income, would have been capable of seeing growth cannot go on forever, prices cannot rise forever and would recognise the fragility of their own situation-a job today doesn't mean you will have one in five, ten or twenty years. The banks were just capitalising on people being short sighted.

I luv how the video starts off with responsibility then ends with plain nonsense, on the buyers behave

Great. Thank you.

Awesome!

thank you, very nice

now i understand why in the location were i moved you can see people with very low income owning huge houses.....and rusted cars parked on the driveway!

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It doesn't make sense unless landlords were asleep at the switch. If $15k equity could get you $500/mo net income, owning a house and renting it out was a good deal. If your prospective renters can get a liar loan on almost the same terms you can, there's no reason for you to own it. Demand for rental property should decrease one-for-one with the increase in demand from those who formerly rented.

And you have to carry the depreciation. When you now add the risk of a bad tenant, you see that the house owners not haven't made a so good deal.