My "raise" this year won't even meet the cost of living increases in the next year lol my first house is gonna be a small fixer upper, something I don't have to worry financially at all about. This post is 2007 in a nutshell though, people buying properties they couldn't afford and banks handing out the loans like candy since the housing prices were going up so fast
For those not in the housing market it is a never ending price chase. Getting a small fixer upper is probably a good way of at least getting your foot through the door.
The problems leading up to the 2008 financial crisis have not been resolved. The amount of household debt as a whole is insane. I think the next financial/economic crisis is going to be far worse.