Homeownership: A failed wealth-creation strategy

"As the experience of the last housing bubble showed, low-income and minority buyers came into the market most strongly as lending standards were relaxed, relatively late in the cycle. Those who bought in 2001 (when the market was depressed) fared very differently that those who bought in 2006 (at the height of the bubble). Easy credit nominally made homes more affordable, but also drew ever more borrowers into the market to bid up the prices of homes until the bubble popped. Because of this inherent quality of the credit cycle, the poorest borrowers are drawn into the market at the worst time to buy—when prices are at their highest."