This was not a case of “typical” home ownership. The housing crisis was caused by a combination of bad lending practices on the part of banks and home owners constantly leveraging to the hilt. Many of these home owners in Florida and Vegas would own multiple homes because money was so easy to get.
“Regular home ownership” would be Putting something like 20% down on a house and paying it off over 30 years…. This type of regular behaviour in the housing market has never caused a recession.