Heres the underlying problem. Its one that has grown and swelled and compounded over decades.
I'll lay it out for you. Years and Years ago people paid for what they wanted. Need a house you work save money and build a house, need a car you work save money and buy a car.
Then this wonderful thing called credit came about. Manufacturers then started to say " Well if people aren't going to have to worry about paying for stuff out right then I down have to worry about pricing things so that people can afford them." Wages went up benefits got better and people just kept burrowing. now fast froward 60 years. Everybody is so over extended and the ice is spread so thin that the least little crack is becomes a huge issue.
Now lets look at some thing else the average car today cost 15,000.00 and most people pay then off in 4-5 years at a monthly payment of 300.00.
Now take a 150,000.00 house over 30 years you pay 700-900 dollars not including insurance and all the other BS with interest your paying 324,000 dollars for a 150,000.00 house. If Banks would allow the same interest rates on cars as they do houses you could buy a 150,000 house for 454.00 a month or double that payment to match the current mortgage rate you could pay off a 1500,000 house in 15 years or afford a 300,000 house.
The problem is banks got greedy, people got scared and the market went to pot.
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