The fundamental problem with your argument here is that it supposes a basic lack of agency.
The previous run up had actual human beings consciously deciding to allow that run up.
I don’t think they perceived the possible outcomes but it didn’t just come like a bolt from the blue.
The housing markets is probably only second to the nuclear fuel market in terms of federal intervention.
The entire demand side of the debt market is run by congress and the entities it supports.
While down payment amounts may reduce (and they aren’t currently), there has been very little move to open up lending to NINJAs and liar loans. That level of poor risk management is what drove the previous bubble and I have not seen a lot of movement towards it. None in fact.
EG:
Last week, 3% conventional loan origination was discontinued.
