Steve B, buyers who bought between 2003 and 2006 may see all their equity evaporate in a downturn, thus substantially or completely eliminating their net-worth.
There are many ways of saving. It doesn’t help to have a house paid-off if upon retirement you have no savings.
I’m not saying never buy. I’m saying don’t buy unless your debt service and costs of ownership are about the same as rent for a similar home. If cost of ownership is more then rent, then rent and invest the difference. You’ll have much more money in the end than if you bought at inflated prices. To me that should be basic home-economics that every head-of-household should understand. Unfortunately, some people would rather be making offerings to the real estate God.