I would argue that low interest rates in part caused this skyrocketing home value effect for the simple fact that low interest rates have convinced people over

I would argue that low interest rates in part caused this skyrocketing home value effect for the simple fact that low interest rates have convinced people over the last 30 or so years that borrowing is more profitable than saving (I'm grouping all interest rate regimes after 1981 into the low interest rate category). Would be nice if we could put to rest the notion of home ownership as a good forced savings plan, investment plan, etc.