Correct, but in this situation the only other option is to RENT... which is wasted money.
hate to burst your bubble... but most renters are renting from someone who FINANCED (CREDIT) the property.
You are trading someones ability to get credit (landlord) for someone who does not (renter)... this is not always the case, but in cases it is.
There are other times when renting does make sense ... it is not always $$ wasted. It is a trade off.
As an owner, you have little things like, maintenance, taxes, repairs to property (roof, siding, etc) and appliances. All of these things are exposure to failure or increase at some point. For someone not willing (or able) to assume this risk, transfers this risk to the property owner, and pays for these services in the form of RENT.
Many times, rent is cheaper than ownership, and allows for a comfortable lifing at a reasonable cost without the ownership issues or headaches...you pick up the phone and it is someone else's problem.
People were able to buy houses based on low or no $$ down (which is why many were renting in the first place) and low interest rates.... usually bad times for those with apartment buildings (tell me about it!)
Now that the credit is shrinking, more $$ is required for down payment (lets not get in to forclosures for now) this is usually a good thing for apartmentowners...because people can no longer qualify... so the rental market is usually better.