While I stand in the minority on this, I really try not to cast too much judgment in the direction of poor decisions. Many people who bought during the boom were afraid of being priced out permanently. Many of the people who refi’d were excited about their newfound wealth. Bear in mind credit ratings agencies gave dirt-backed security a treasury-equivalent rating.
The minority of opinion during the boom thought things were really far too overpriced. Those believers fell into 2 camps: those who had data to support that opinion (eg: the proprietor of this blog) and those who did not (those who were contrarians or “just felt it”). Most people were not this smart or contrary. Many experts supported the durability of the high prices.
While the medium term error of high prices is clear, it is unfair to hold too much against people who erred (imho).
