One big reason for the housing crisis (specficially in this case the crisis for African-Americans), is that we were encouraging people to buy homes who shouldn't have done so - at least at the time (alternately, we encouraged those who had reason to buy a home to buy a bigger home than they could reasonably afford.
There's a great comment on the post pointing out that a house is a depreciating asset (i.e. not an investment in the traditional sense). This is why it is stupid to buy houses with the intent of making money on them. Yes, it is a good idea to make certain that when you buy a house, should the need arise you can sell it and so not "eat" the entire price of the house; but buying a house primarily with the intent to sell it when the price rises is, in most cases, insane. And in any sane economy, very few people are in a position where doing so is a reasonable plan.
That is all.