Your sentence is a very good and concise summary of the economic mess we are in.
"Too much house" is a quite acceptable slang expression (idiom) in this case. "Grammarly" is not a word, however. "Too much house" refers to buying a larger, more expensive house than one can afford. A few real estate speculators and "flippers" also bought too many houses, but they are the minority.
In the below sentence.
"Too many people bought too much house for too many years".
"too much house" is grammarly correct? it shouldn't be changed to too many houses?
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