It isn't but it is a hedge. You put that down payment in some other asset class (stocks?), pay about half of what a mortgage would be currently and then profit

It isn't but it is a hedge. You put that down payment in some other asset class (stocks?), pay about half of what a mortgage would be currently and then profit when the RE asset bubble pops and buy when it's cheaper. And while your waiting the stocks themselves will probably have a gain of some sort.