Don't you really mean that home mortgages are at an all time high? People with mortgages don't own their homes.
It could also be said that few people hold title to or own equity in homes without mortgages.
So the lender gets to keep any increase in the value of the property? Can the people who pay the mortgage borrow against the equity? I think that would be a difficult thing to do if you didn't own the home. The average American household has 57% equity in their home. Are you saying that this wealth doesn't belong to them?