This is pretty interesting to watch. Peter Schiff gave this at a mortgage bankers conference in Las Vegas. The funny thing is that everything he says is pretty darned basic. Well worth watching:
A couple interesting points:
- It was easier to get a house than it was to rent because the landlords actually checked your credit and income for a rental
- Home prices have traditionally tracked to CPI and only if homeowners kept them up
- Speculators got lots of homes and listed them all as "owner occupied" spread across multiple states