I think the average American is much better informed today about personal finance than they were in 2006. Not hard to see that P&I on a 30 year fixed loan is $449 a month, which is much less than one would pay in rent on a similar home of similar value. Except, in this case, they will actually own their home when it is paid off.
I have the utmost confidence in the average American to think that simple test above through. Naturally, they're choosing to buy homes and take the debt at rates that may not exist for very long. It's the best move one can make, and it's helping to bring the American economy back to life, a win-win.
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