[Osiris]

I would have loved to save money right out of school, being as frugal as I am, but I was married when I graduated and the first thing my wife wanted after I got my first (low paying) full time job? A house.

So much for the life of a cheapskate.

[Cass]

Putting money into a house you'll presumably be able to live in rent-free once it's paid off may not be a drastically worse choice than putting your money into savings. Unless it was an impractically huge house, or otherwise somehow not a keeper, I wouldn't consider that a frivolous/non-frugal purchase.

[whyaduck]

Unless he bought in 2006-2007. Still not frivolous...just a mistake.

[sliverstorm]

"Mistake" implies the person should have known better. There are plenty of little guys who got trampled by the crash who did nothing wrong.

[Dilan]

You could always take a mortgage out on the house, rent out the house and live in the van.

[sukuriant]

Or rent out a room or two and live in the house.