One thing you have to remember here as well is that before 1981/2 the cost of a house was used to calculate the cost of living (not rent as is the case now).
so really as long as everyone is getting cost of living raises then housing bubbles are well they are much harder to have.
Something I think did not register to the buyers in the last bubble or the one in the late 80’s (inflation was not there to save them).
Like I always said this could have ended a lot different. but in the end, it was they way they wanted it to end.
