MJ Perry has a good post on the deflating home ownership bubble here, and this cool chart, which shows once again that starting in 1995 all manner of metrics assumed an irrationally exuberant upward trend.
An additional chart at the link less convincingly makes the case that low down payment loans were a cause, rather than a by-product, of the bubble. Looks like a lagging indicator to me, but obviously it is an imprudent policy to require only 3 percent down.
