Bigger homes stoked housing crisis

Buying a newer, bigger home may not be as much of an investment as Americans think. In 2005, 70 percent of Americans owned homes, compared to 64 percent in 1990, and the average American home was 2,434 square feet, compared to European homes, which averaged 1,000 square feet. This demand for newer, bigger houses has contributed to the housing crisis by driving housing prices up and bringing on higher costs for utilities, furniture and repairs.