If I save $3000 per month renting for the next 7 years, I would have a pretty good downpayment. After living through 1990-1997 and now, I think that homeownership is overrated.
What are the banks (and builders/ car dealers) going to do when they have 2+ million customers with credit dings due to bad loans in the next few years, not make loans? That seems like a pretty big number of customers to ignore.
