If you want to get into the details of the ignition point for the 08-09 crash it was the rating system of CDO's, rating A when they were packed to the gills with just crap, literally ticking time bombs.

We gambled and won.   

It took every penny we had to do that (and I don't suggest that gamble to anyone) but it's paid off royally as the market in Boulder took off 2 months after we closed on our house.  

I know I know gambling right .. 

Appreciation or even speculation of appreciation is like gambling and investors tend of to have personalities that shy away from that. 

There are many other ways of getting financing without the gamble of possible financial misery of a loved one. -- Good Luck - JonI love that strategy Jon!

Don't get me wrong; there are plenty of issues/problems/quirks that old houses have that new houses don't, and an old house can obviously have hidden problems and big repair/maintenance bills too--which is why thorough due diligence is fundamental to REI...but, the point is: a brand new house is not a foolproof solution to repairs/maintenance headaches (and in some cases, a brand new house can be a much bigger gamble than an older house).This is a particularly important lesson for inexperienced investors, who tend to be the most prone to "shiny object syndrome" (the tendency to let nice aesthetics distract from real, underlying issues).

I wish I had the balls to gamble with it!