Over 10% of interest is still a lot... And the fact that you get to that rate through settlements and bankruptcies is a good indicator of how much of a stranglehold debt has over a typical American household.

And it's fine if you don't think a home is a bad investment. I think most people do and so far that has worked out almost perfectly. That doesn't mean anything for the future, but there are no guarantees in investing. In a lot of places a mortgage gets you tax breaks too, as opposed to other credit.