We’ve all heard of the so-called American Dream: homeownership. But given the state of things today, one could argue that for many homeowners, it’s become a nightmare.

Housing had been a good bet for much of the 20th Century. Government officials and the business community lauded housing as a good investment for Americans after World War II, when soldiers returned to US soil and new household formation began—and the American public bought in. It worked for years; families grew, generating demand for more housing, and home valued consistently appreciated, due in part to inflation, reasonable mortgage rates and beneficial tax policies.

And then the boom years hit. As this decade progressed, the mantra of “homeownership at all costs” pervaded the American mindset, largely due to government policy of promoting homeownership, declining interest rates and relaxed lending standards. Folks who bought homes as early as the mid- to late 1990s saw huge returns when they sold them a decade later.