For all the esoteric talk of tranches and credit-default swaps, the recent financial meltdown began with something far more primal: house lust and its accompanying dreams and delusions. "There is no object of desire quite like a house," writes Meghan Daum, a columnist for the Los Angeles Times. "Few things in this world are capable of eliciting such urgent, even painful, yearning. Few sentiments are at once as honest and as absurd as the one that moves us to declare: 'Life would be perfect if I lived in that house.' "
The fantasy of a life transformed is what makes the ads and features in interiors magazines so enticing—no fashion or celebrity magazine glamorizes its subjects as thoroughly as Architectural Digest or Elle Decor—and what gives HGTV's low-budget shows their addictive appeal. The longing for the perfect life in the perfect environment can make real-estate listings and "For Sale" signs as evocative as novels. This domestic ideal gives today's neighborhoods of foreclosed or abandoned houses their particular emotional punch. A stock-market bubble may create financial hardship, but a housing bust breaks hearts.
Although Ms. Daum did buy a house in 2004 and watched its value rise and then fall, her self-deprecatingly funny memoir isn't a tale of real-estate speculation. Rather she uses her lifelong obsession with finding the ideal living space to probe domestic desire, a deeper restlessness than the search for quick profits.