I think the wildcard is interest rate
Right now, the govt is propping up a lot of prices here n there by keeping rates low.
Not sure how do you differentiate crash Vs correction. But as we all agree, a correction is coming both in stock market and housing market.
I see a lot of people dis-agreeing saying “this time is different” but history has taught us otherwise.
A correction is due, the reasons may not be the same. So each time is indeed different.