It's worth noting that much of this risk is due to low property taxes and NIMBY policies legally restricting supply making houses unnecessarily expensive. If l

It's worth noting that much of this risk is due to low property taxes and NIMBY policies legally restricting supply making houses unnecessarily expensive. If land tax were, say, 10% of land value, then buying a house would be at least an order of magnitude less capital intensive, and the homeowners capital risk would therefore be much less significant.