That is also correct. First-time buyers need the guidance of the mortgage officer and real estate agent. The sad part is that when the housing market booms, both areas end up with a lot of people joining those ranks who think it's a way to make some quick money. They are not experienced enough to be interested in building a long-term client base. And this was very much the case during this last bubble. Not to mention there were also a lot of downright crooks involved ... where mortgage applications were actually falsified.
I honestly think that people thought that the banks wouldn't have given them the loan if they couldn't afford it.