The ironic thing is that the insane price of housing was partly a direct policy decision, supposedly intended to make you feel wealthier so that you would spend

The ironic thing is that the insane price of housing was partly a direct policy decision, supposedly intended to make you feel wealthier so that you would spend more and stimulate the economy. The Fed calls it the 'wealth effect'. In private it was known as "foaming the runway" (making sure to spread out the foreclosures post-2008, so as not to bankrupt any major banks). To this day they're still scratching their head about why QE might be causing people to spend less on consumables (saving for an apartment, perhaps? paying rent?).