“It was a **credit bubble** that pushed prices up, in the aggregate, in the 2001-2007 period”
I would argue that the “credit bubble” period was more like 2003-2007.
Also, saying 1988 was near the last peak is like saying 2003 was near this peak. While certainly a true statement, things were changing incredibly fast during the 1988-1990 and 2003-2005 time periods.
