borrow at 8% for a 2% net return ? ouch, page-78

I don't think the argument is whether to buy or rent for a lifetime. It's actually whether to buy or rent say for the next three years.

Long run, most people want to own a home if they can, for status/security/and the likelihood of capital growth at some point. But if things are pointing down, it's far better to sit it out until you see the market stabilise.