View Full Version : Home sales plummet 27%. Lowest in 15 years
variablebinary
08-24-10, 20:23
Personally, I dont see it as a collapse.
I see it as a correction, and return of sanity to the housing market
Despite what people are told, home values don't go up $100k in a month.
Borrowing against inflated speculated increase in home value is moronic.
Rates are still unnaturally low to try and keep home prices iflated, which will make the crash worse.
Obama should never have give rebates for home sales. He should have let the market self correct. If home values crash, it is because the market has spoken. If people get upside, screw em. The correction would have brought values down to levels that would make them more affordable to more people without retarded federal incentives.
And lastly, not everyone is capable or should own a home. That's a fact. That twink Barney Fwank needs to get that through his head.
Low prices and rates can't slow fall in home sales
Low mortgage rates and prices fail to stop home sales from sinking to weakest in 15 years
Alan Zibel and J.W. Elphinstone, AP Real Estate Writers, On Tuesday August 24, 2010, 4:54 pm EDT
WASHINGTON (AP) -- Home prices in many parts of the country scream bargain, and mortgage rates haven't been this low for decades. So why are houses across the nation sitting on the market for so long?
http://finance.yahoo.com/news/Home-sales-plunge-27-pct-to-apf-2949326144.html?x=0
Gutshot John
08-24-10, 20:31
Personally, I dont see it as a collapse.
I see it as a correction, and return of sanity to the housing market
Despite what people are told, home values don't go up $100k in a month.
Borrowing against inflated speculated increase in home value is moronic.
Rates are still unnaturally low to try and keep home prices iflated, which will make the crash worse.
Obama should never have give rebates for home sales. He should have let the market self correct. If home values crash, it is because the market has spoken. If people get upside, screw em. The correction would have brought values down to levels that would make them more affordable to more people without retarded federal incentives.
And lastly, not every is capable or should own a home. That's a fact. That twink Barney Fwank needs to get that through his head.
This is something of a correction but you have to factor in there has already been something of a correction with the plummeting values/equity (on the order of 25-50% depending on market) that already existed. This is something of a double whammy and is indicative of a real problem. Plummeting value is bad enough, but if actual sales drop despite the falling prices (supply/demand) than there is genuine cause for alarm as values/prices will drop even further.
Barney Frank has gone on the record saying Fannie/Freddie should go away and has actually admitted exactly what you said about people getting into mortgages they had no ability to pay.
While Freddie/Fannie are to blame, and the government just made things worse, you can't attribute the slump to them alone. A big part of it is the economy. People are seemingly afraid to spend money and are starting to be conservative about their spending.
First and foremost, homes are only going to sell while people want to buy them, regardless of the prices of housing and interest rates. The housing market will dictate the prices, but only a feeling of financial security can sell them. Few people manage their finances well enough to confidently buy a home in this economy and they're starting to realize this.
This latest home sales news is more a reflection of the bad job market than it is a housing marketing correction.
thopkins22
08-24-10, 20:49
A huge shift in the way Americans view money, homes, televisions, cars, government spending and pretty much everything else is needed to fix what both parties and the central bank have created.
People buying homes they couldn't afford is a symptom of the problem, not the problem itself. There are no real savings in this country, so interest rates must be higher than what the fed has artificially kept them at for decades. The market only allows for low interest rates when savings are high.
People must also quit buying homes expecting to make money off of them. Buying a home is an investment because when you own it, you no longer have to pay rent...it shouldn't be because inflation and huge amounts of non existent credit continually drive prices higher and higher without a ceiling.
Prices will drop significantly to accommodate the higher interest rates, so just as many people will be able to buy homes, they will simply have a larger incentive to purchase one they can afford. Large down payments(from savings,) and higher interest rates are what will in fact make owning a home within the grasp of more people.
Credit should be used to make legitimate capital investments...things that will actually produce capital. Factories, mines, and research come to mind. Entirely too many people exist in service industries...many of them need to lose their jobs. Too many brokers and retailers, not enough farmers and miners so to speak.
I'm not convinced that anything short of allowing America to become a total wasteland owned by China and every third world nation in the world will wake us up to what we have sown. I hope that's not the case, but I'm not filled with optimism.
It's a great time to buy in Vegas ;) 30 year fixed at 4.25% and home prices are 1/2 what they were a few years ago. I'm hoping to close on the 1st.
Cash is king in the market.
Looking at real estate in the vegas valley, $200k can buy what $800k did in 07 :D
If you paid $800k for my future home, don't come scratching my car, I wasn't the dumb ass who didn't look at the numbers before buying my $800k house that was $600k overpriced for the area.
And your $600k of "equity" is a bs number that you're agent sold you on, not me :P
its a great time to buy anywhere. we bought our first about 2 years ago.... uhg.
kills me to see what stuff is going for now.. if we'd waited 2 more years, we'd have a pretty nice spread outside of town for what we paid for this place.
Cash is king in the market.
Looking at real estate in the vegas valley, $200k can buy what $800k did in 07 :D
The only house I know specifics on is the one we're buying and the one we currently live in. I can tell you the last time it sold to a private buyer, 2/06, was for double what we're paying and it didn't have a pool at that time. On top of that, the house was built in 04', a company purchased it a few months ago and gutted her from stem to stern and has had everything replaced to include 18" tile, hard wood floors, crown moulding, new kitchen with cherry cabinets and all new appliances, etc.
Our current house has lost approx 35% from it's brand new price when I purchased it 6 years ago. The real Las Vegas market, which I've been actively involved in, is actually starting to pick back up, albeit slowly.
The only house I know specifics on is the one we're buying and the one we currently live in. I can tell you the last time it sold to a private buyer, 2/06, was for double what we're paying and it didn't have a pool at that time. On top of that, the house was built in 04', a company purchased it a few months ago and gutted her from stem to stern and has had everything replaced to include 18" tile, crown moulding, new kitchen with cherry cabinets and all new appliances, etc.
Our current house has lost approx 35% from it's brand new price when I purchased it 6 years ago. The real Las Vegas market, which I've been actively involved in, is actually starting to pick back up, albeit slowly.
Just think if you purchased your house in 08 lol. You'd see a 65% loss in value probably.
ForTehNguyen
08-24-10, 22:47
none of this would be possible without cheap ass money from the Fed
variablebinary
08-24-10, 22:59
none of this would be possible without cheap ass money from the Fed
Same for student loans.
Tuition rates are horribly inflated by easy access to cheap money/credit
Belmont31R
08-25-10, 00:21
I thought this was the "Summer of Recovery"?
All I see is dems trying to scare people, blaming Republicans, and lying about us being in some sort of recovery.
You think people will learn that government getting its mitts into everything doesn't turn out so well? Nope. We'll keep on trucking with the same ole gov knows best, and can control the economy approach we've been on for decades. Gov has been pushing low interest huge loans to anyone with a pulse, and they are still doing it. Gov spending didn't end the Great Depression, either, and yet I see the polls still say 45% of the people are going to vote democrat. Not that the republicans have it right, either, but for ****s sake people. They put us on the dole for over a trillion dollars in "stimulus", and the U6 number is no better than it was a year ago. How stupid can people be? Yeah lets vote for people who are going to raise taxes, spend even more, and have no clue what they are doing other than lying and spending money. Lets keep pumping people into houses so we can have another rash of people who can't afford them buying 200k "investments". Yeah hows that "investment" working out now?
This is going to be a repeat of the 30's. Even after FDR's spending, New Deal, etc...unemployment in 1940 was still over 10%. But the dems taut FDR as some sort of Saint who ended the Great Depression. Unemployment numbers didn't stabilize until we were knee deep in WW2. It took FDR, and his economics (which the dems are trying to emulate- see John Kerry saying we need a New Deal 2) almost a decade to cut the 25% unemployment rate in half. But oh know we are too stupid to realize it didn't work back then, there is no reason to believe it will work now. Like I said the U6 numbers are almost identical to what it was a year ago. But yeah we're in a "Summer of Recovery".....:rolleyes:
Personally, I dont see it as a collapse.
Maybe not a collapse but it's a major indicator on how the economic is doing and a huge phsyological blow to the markets. Home sales aren't just about individuals buying a home it's also about building, materials and jobs.
In other words this is another indication that we are far from being out of the woods regardless of what Biden, Obama or Gibbs try and tell us.
However, I don't blame them entirely for this mess. Everyone from Uncle Sam, to mortgage companies, banks, realitors, buyers and sellers are to blame. We are going through a period of correction but it's going to be very painful for a long time.
I
This is going to be a repeat of the 30's. Even after FDR's spending, New Deal, etc...unemployment in 1940 was still over 10%. But the dems taut FDR as some sort of Saint who ended the Great Depression. Unemployment numbers didn't stabilize until we were knee deep in WW2. It took FDR, and his economics (which the dems are trying to emulate- see John Kerry saying we need a New Deal 2) almost a decade to cut the 25% unemployment rate in half. But oh know we are too stupid to realize it didn't work back then, there is no reason to believe it will work now. Like I said the U6 numbers are almost identical to what it was a year ago. But yeah we're in a "Summer of Recovery".....:rolleyes:
And the rest of the world bounced back much faster from the Depression of the 30s
We are counting our blessings. We had a full price offer on our house in less than a month and closed within two. Actually bought by the doctor replacing my wife in the practice. The only downside was we expected, and planned, for the house to be on the market much longer and signed a rental agreement on a house in our new location a week before the offer came. So, we have to wait to buy a house until spring. Hopefully it will still be a buyer's market; I think it will.
We began the interviewing process in our new location approx. a year ago and we started looking at houses. In the interval, we have seen the same houses still on the market and prices continually falling across the board. The real estate agents bragged about the stability in the market in our location but reality has finally hit here as well. I really do feel for those that have to sell right now; it's brutal.
ForTehNguyen
08-25-10, 12:48
And the rest of the world bounced back much faster from the Depression of the 30s
we had a huge recession in 1920 it was over by 1922. The history books ignore this because the govt did nothing, this wouldve refuted Keynesian economics, and the system was purged. Then in 1929 there was huge govt meddling, guess what happened, we got a Great Depression.
Historians are going to have to think up a new name for the Great Depression.
Personally, I dont see it as a collapse.
I see it as a correction, and return of sanity to the housing market
Returning to the prices of 15 years ago isn't a correct, it's a disaster.
You buy a house (during normal times) you expect it to be worth more than what you paid within 7 years.
Now if prices simply returned to "pre boom" prices of 5 years ago that would be a correction.
What we have is a disaster.
And it is the result of "Get rich quick assholes" who think because they installed a granite countertop and gave everything a coat of paint that they were entitled to profits of $100k or more on a flip.
On the upside, if you have money (because you won't get a loan anymore) it is a great time to buy a house.
People buy and sell houses when they move due to new jobs or job transfers.
Corporations that offer housing buyouts during transfers don't want to transfer people right now because they don't want to get stuck with houses.
And people don't want to move for jobs because they are afraid of losing the the new job.
Last time I moved was in 2001. Started a job one month before 9/11 in the aircraft engine industry. Guess what happened to all the new hires? Yep, we were out the door. I still owned my old house at that point. No job, two payments. I closed on the old house by the end of the year, and found a new job in January.
The move prior to that was in late 2000 with a company I had been working for since 1994. By April 2001 I was out of work.
So my mantra is "never again". I'm not moving for a new job or transfer without a guaranty of future employment for at least 2 years, unless I absolutely have to. When you get a relocation package, you usually have to work two years or you owe the relocation money back (or a pro-rated amount), and they make you sign an agreement stating this. If they've got me for two years, then it's only fair that I've got them for 2 years.
ForTehNguyen
08-25-10, 22:30
there are far more houses than buyers, prices have to tank. Prices wouldnt have gotten this high without the Fed pumping cheap money into the system to bid up prices. Far too many houses were built than what a true free market wouldve allowed.
Withdrawl/recession sucks but thats the only way to get healthy. The problem is the high/boom not the correction.
its a horrid time to buy a house, I dont see how anyone thinks its a good time. Prices will continue to tank, and will tank when govt stops injecting the housing market with heroin.
there are far more houses than buyers, prices have to tank.
Prices ARE tanked. The $100,000 house from 10 years ago which became a $350,000 house is now a $80,000 house. It ain't gonna tank down to a 40,000 house because that is a 1962 price.
Problem is nobody is getting approved for loans unless they already have 80% of the purchase price. And nobody has jobs.
If people were actually working and could get approved for loans the surpluses would come off the market.
In the meantime, that house will just sit and sit on the market at $80,000 along with hundreds just like it until the situation changes.
Prices ARE tanked. The $100,000 house from 10 years ago which became a $350,000 house is now a $80,000 house. It ain't gonna tank down to a 40,000 house because that is a 1962 price.
Problem is nobody is getting approved for loans unless they already have 80% of the purchase price. And nobody has jobs.
If people were actually working and could get approved for loans the surpluses would come off the market.
In the meantime, that house will just sit and sit on the market at $80,000 along with hundreds just like it until the situation changes.
That may be the case with prices in Florida, but is not true everywhere else. Yes, prices are down. But they are not down that much (350k to 80k). I don't have exact numbers, but where I am at in Utah, a 3 bdrm house that was high 100s or about 200k a few years ago and went up to mid or high 200s, is back down to 200 or high 100s again.
That may be the case with prices in Florida, but is not true everywhere else. Yes, prices are down. But they are not down that much (350k to 80k). I don't have exact numbers, but where I am at in Utah, a 3 bdrm house that was high 100s or about 200k a few years ago and went up to mid or high 200s, is back down to 200 or high 100s again.
There are different markets. But unless you are someplace where there is a demand keeping prices higher, they are basically tanked. In your area the price increases probably weren't as dramatic so they didn't drop as hard.
Nathan_Bell
08-26-10, 08:35
No, you should not expect your home to appreciate beyond inflation in 7 years if you do not live in an economically growing area, that is one of the problems that helped make this mess.
Cannot find the chart, think it was on Financial Times or IBD, but it posited that we still have not fully corrected for the government thumb that has been on the scales the past two generations.
ForTehNguyen
08-26-10, 08:40
Prices ARE tanked. The $100,000 house from 10 years ago which became a $350,000 house is now a $80,000 house. It ain't gonna tank down to a 40,000 house because that is a 1962 price.
govt is still propping up the home prices by bailing out and throwing money at it (trying to protect its banker friend's solvency), it will tank more when this stops. It's banker friends will tank as well. Right now is by no means the real bottom. There are literally millions of houses without buyers. Simple supply and demand. I don't see how people ever thought houses were real investments. A more stable asset yes but other than that, have to pay taxes maintenance, all kinds of other stuff. How's this an investment? People thinking houses were investments was one of the catalysts for this entire thing.
With the glut of houses on the market, its far more economically advantageous to rent.
My Mom is VB of a Mortgage division at a regional bank around here. She was telling me the other day that she is having to work weekends and late nights helping her staff just so they can keep up with the number of mortgages coming through.
However, most of these are refinances. So it is a positive sign, but not enough yet to say things are turned around.
My Ex wife seems to live in a dreamland however. We purchased our house right before the crash. We did not overpay, however there is no equity in it right now and she is talking about trying to force me to sell. There are 8 houses for sale in my neighborhood. 3 of which I know are foreclosures being sold at an obscenely low amount. None of them are moving.
Prices have dropped everywhere. My buddies 315K house he had build barely appraised for enough to get his financing. 150K houses are selling for 125 around here and 115K houses like mine are down to around 99. I honestly don't think we are going to hit rock bottom and crash, but we are seeing a market reset.
ForTehNguyen
08-26-10, 09:00
commercial real estate bubble has yet to collapse. Theres a wave of ARM mortgages coming in 2011. Its not over yet. These tanking prices must be allowed to happen (because they were BS in the first place) without govt meddling. Too bad doing that will expose the banks insolvency, govt wont let that happen.
Thomas M-4
08-26-10, 10:23
Same for student loans.
Tuition rates are horribly inflated by easy access to cheap money/credit
That is because the schools adjust there tuition rates based on what the government gives out. The last time the government adjusted rates last year all the schools jacked up there tuition costs to get the extra money that was available.
ForTehNguyen
08-26-10, 10:27
That is because the schools adjust there tuition rates based on what the government gives out. The last time the government adjusted rates last year all the schools jacked up there tuition costs to get the extra money that was available.
sounds like the housing market all over again. People in govt are clueless :suicide: There is no incentive to lower tuition prices when every high risk college kid is walking in with a fistful of cash regardless of what the price is because govt is cosigning everything with a pulse. Hmm that sounds awfully familiar. Smells like another bubble to me when at some point people find out college isn't worth the price and debt. The party is over then, maybe time to bailout some students (the ones taking on the debt).
How government programs drive up college tuitions
http://www.youtube.com/watch?v=AIcfMMVcYZg
Thomas M-4
08-26-10, 10:37
sounds like the housing market all over again. People in govt are clueless :suicide: There is no incentive to lower tuition prices when every high risk college kid is walking in with a fistful of cash regardless of what the price is because govt is cosigning everything with a pulse. Smells like another bubble to me when at some point people find out college isn't worth the price and debt. The party is over then, maybe time to bailout some students (the ones taking on the debt).
How government programs drive up college tuitions
http://www.youtube.com/watch?v=AIcfMMVcYZg
My guess is that is what is going to happen next. And most likely it will be about the time of the presidential election :bad:
you guys are all missing, or at least omitting, one pretty important component to all this "how could people think houses were investments?" talk: people made millions on houses. it wasn't a delusion- it was happening.
houses are still not only an "investment," they're a good investment. your house will appreciate, so long as you bought intelligently. in a much more normal market, your home does appreciate- just a bit more gradually.
it's not as though people simply are not buying houses right now- they definitely are. my uncle and all his buddies are "investment real-estate" guys- house-flippers- and are all still moving houses. and at every price range. buy they've all moved to forclosures- buying the houses for peanuts, and selling well below appraisal.
i'm not being argumentative, and i'm not saying people haven't been stupid, and i'm not saying it's not bad out there right now.... but this is not the end of the world. quit being such a bunch of ****ing negative nancys.
Kentucky Cop
08-26-10, 11:42
Its weird. In my neighborhood houses that should be pulling in $260k are going for $220k or around that. Anything that is on the market in the mid $200K's is sitting a LONG time on the market.
We have two houses on our street that started out in the $260k's and a year later they are still for sale and down to around the low $200k's. New construction houses in my area that are less than $199k are selling like HOT CAKES!!! Most of them are nice ranches around 1500 sq ft all the way up to story and a halfs at around 2100 sq ft. As soon as they start building them they are sold by the time the sod goes down.
I know myself and several friends are all refinancing this month with the rate down to 4.375 ish. You have too for that rate!!!!
KC
People in govt are clueless
This why I believe nobody should be elected to a federal position unless they have business background or have owned their own business. I would like to see that on the state and local level also.
No more career politicians!
you guys are all missing, or at least omitting, one pretty important component to all this "how could people think houses were investments?" talk: people made millions on houses. it wasn't a delusion- it was happening.
Just like musical chairs - the last ones in near the top really get burned.
Edited to add: I have lived long enough to have seen several distinct boom/bust residential real estate cycles. They run every 20 years, plus or minus a few years. The last residential real estate boom/bust cycle ended in the middle 80's to early 90's. Do the math - about 20 years. It will happen again also. Mark it down - somewhere around 2030. I might even still be around to see it from assisted living, LOL.
thopkins22
08-26-10, 11:45
i'm not being argumentative, and i'm not saying people haven't been stupid, and i'm not saying it's not bad out there right now.... but this is not the end of the world. quit being such a bunch of ****ing negative nancys.
Lot's of people made incredible fortunes during the great depression too...it doesn't mean that it wasn't a terrible time.
One Schiff video already showed up, and while I don't agree with him on everything(I'm not buying gold at an all time high,) he's spot on about the mortgage industry.
http://www.youtube.com/watch?v=jj8rMwdQf6k
Kentucky Cop
08-26-10, 11:50
http://www.youtube.com/watch?v=C-DrHEB7trY
Sign of the times.
KC
One Schiff video already showed up, and while I don't agree with him on everything(I'm not buying gold at an all time high,) he's spot on about the mortgage industry.
And he was saying it before the bubble burst also.
CarlosDJackal
08-26-10, 12:01
Personally, I dont see it as a collapse.
I see it as a correction, and return of sanity to the housing market...
I would agree if the current regime did not have the propensity to interfere by throwing more "stimulus" money at the problem. If obama and his morons would leave well enough alone there is a very good chance that the housing market would have corrected itself or would have been well on it's way by now.
I am wondering what kind of bonehead decision they will implement to make things even worse. I'm hoping that they run out of ideas soon or we're all going to have to speak Chinese soon. :jester: JM2CW.
ForTehNguyen
08-26-10, 12:41
One Schiff video already showed up, and while I don't agree with him on everything(I'm not buying gold at an all time high,)
with the way they are running the printing presses, gold and commodities is destined to go up in nominal dollars. There's no reason for it go to down. People also thought it was a high when it was $250, then $500, then $750, then $1000, then $1250/oz.
No, you should not expect your home to appreciate beyond inflation in 7 years if you do not live in an economically growing area, that is one of the problems that helped make this mess.
Before the housing market tanked everything, I was in an economically growing area.
And homes SHOULD appreciate. I don't mean anything like twice what you paid 7 years ago. But they are an investment. If they didn't do as well as other money investments nobody would buy one.
ForTehNguyen
08-26-10, 13:57
why should they appreciate any faster than inflation? They decay over time, you have to pay taxes on it, have to maintain it, have operational costs like utilities, etc. With all these costs of ownership how is it an investment? Its a stable asset, not an investment.
The market decides what the price is and how much up or down it goes. Now there is a huge glut of unsold homes, barely any buyers to be seen, law of supply and demand will kick in once the govt stops propping it up.
why should they appreciate any faster than inflation? They decay over time, you have to pay taxes on it, have to maintain it, have operational costs like utilities, etc. With all these costs of ownership how is it an investment? Its a stable asset, not an investment.
Simple: Available land to build on and landscaping. Available land is a no-brainer. Landscaping doesn't grow overnight. It's not like you can just go buy a set of 30 year-old oak trees and a wall of hydrangeas. Landscaping alone can increase a home's value by up to 50% (and that's in regards to any market).
Aug 26, 1:54 PM EDT
Scarcity of jobs puts more at risk of foreclosure By ALAN ZIBEL and CHRISTOPHER S. RUGABER, AP Business Writers
http://hosted.ap.org/dynamic/stories/U/US_ECONOMY?SITE=CTNHR&SECTION=HOME&TEMPLATE=DEFAULT
variablebinary
08-26-10, 18:14
why should they appreciate any faster than inflation? They decay over time, you have to pay taxes on it, have to maintain it, have operational costs like utilities, etc. With all these costs of ownership how is it an investment? Its a stable asset, not an investment.
The market decides what the price is and how much up or down it goes. Now there is a huge glut of unsold homes, barely any buyers to be seen, law of supply and demand will kick in once the govt stops propping it up.
Agree. The government is artificially propping up home values to protect bank portfolios. It has nothing to do with keeping people in their homes
One of the biggest myths home buyers have been sold is home values will always go up, and should go up. Clearly that is not the case, and hopefully this message is remembered after the market crashes and eventually recovers as the market seems fit.
Clearly that is not the case, and hopefully this message is remembered after the market crashes and eventually recovers as the market seems fit.
Why should it be remembered this time? It wasn't remembered after the last home price crash from 1986-1992.
why should they appreciate any faster than inflation? They decay over time, you have to pay taxes on it, have to maintain it, have operational costs like utilities, etc. With all these costs of ownership how is it an investment? Its a stable asset, not an investment.
The market decides what the price is and how much up or down it goes. Now there is a huge glut of unsold homes, barely any buyers to be seen, law of supply and demand will kick in once the govt stops propping it up.
the market does decide the price- and the market says a nice home in an established neighborhood that has actual trees and character will sell for more than a brand new house in a subdivision wasteland. new neighborhoods will always pop up, but the future of that neighborhood- whether it becomes a dump or a desirable place to live or something in between- will be history. my house will appreciate, not just increase in appraised value to reflect inflation, because my neighborhood is slowly becoming a nicer one to live in. furthermore, i'll be adding a whole 'nuther floor and more than doubling my square footage, hopefully in the next two years. two very easy ways to increase the value of my home disproportionately to what i've put into it and inflation. it's an actual investment- and will most likely make me money.
some obviously dont- thats why i said "if you bought intelligently." there are more subdivisions than you can shake a stick at in this corner of this state- they all started out as beige cookie-cutter houses with no trees and uninteresting landscaping. some are already turning into low-rent pieces of shit, while others are thriving. those that thrive will increase in value as the neighborhood becomes more appealing and the reputation gets better. "ooo, that's a really nice neighborhood."
why should they appreciate any faster than inflation? They decay over time, you have to pay taxes on it, have to maintain it, have operational costs like utilities, etc. With all these costs of ownership how is it an investment? Its a stable asset, not an investment.
Because unlike most other things you buy, it is the one thing you finance for 30 years. the only reason to do that is for investment reasons.
If it isn't going to appreciate, everyone would just rent.
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