2008 really showed that homeownership is no different than tenancy. Look at Detroit. Entire city blocks were owned by the bank simply because people either coul

2008 really showed that homeownership is no different than tenancy. Look at Detroit. Entire city blocks were owned by the bank simply because people either couldn't afford the mortgage, their loan was called due, or they thought the short term loss in equity wasn't worth staying in a run down place anymore. I believe that the purpose for homeownership in the US was primarily to foster a competitive housing environment. That way landlords wouldn't control the majority of the housing market and people could help keep housing prices down per month by being able to have the ability to qualify for housing just as easily as tenancy.