I'm a home owner in the Western world and I don't consider myself a real estate speculator. I "bought" my house because I really, really liked it and wanted it to be my home for a very, very long time. Buying the house gives that a better chance of happening, as my payments will remain consistent and I get certain protections as a homeowner I wouldn't otherwise have. Whether I make money on it or not is immaterial to me as I don't plan to sell. While I'd like the value of the home to go down (taxes), it hasn't influenced my decision to stay in it -- so far.

I think a lot of homeowners feel this way and aren't in way "speculators", but they're a non-vocal population.

By the way, I put "bought" in quotes because it often seems like I'm renting it from the state.