US housing and mortgage markets are often viewed with envy by policymakers worldwide. But the complicated truth is that our housing system is failing large portions of our society. And those failures are deepening. Not only low-income families and other underserved communities, but the broad middle-class is also increasingly at risk of being priced out of homeownership and spending more and more of their budgets on housing. How did we get here, and what can be done to make our housing system serve everyone in America more fairly?