Are High High House Prices The Reason Why Personal Insolvencies Are At Record Levels?

Builders producing nothing but McMansions for the last 20 years here in my town have caused part of it. A lot, actually, due to the demographics of southern Nevada.
Example: Young families, first-time home-buyers, if they wanted good schools for their children, often had to choose between a house they could afford in a declining neighborhood that comes with an aged, underfunded school. Or, a McMansion in a better neighborhood with a newer, better-funded school for their children. Which would you choose if these were your only choices?
Also, community zoning boards and city and county planners have to take some blame as well. They are the ones bowing to the pressure of builders to allow only high-end housing in newer neighborhoods. Taking bribes, perhaps? I don’t know. There is no proof one way or the other, but I see a delusional pattern here.