It is still happening with home prices in many, many countries. Too many older people with too much of their net worth tied up in their homes. Essentially gover

It is still happening with home prices in many, many countries. Too many older people with too much of their net worth tied up in their homes. Essentially governments in many countries discovered, perhaps on accident, that pumping up the prices of homes was an easy way to fund the retirements of much of the older generation without explicitly raising taxes. The bubble essentially cannot pop because too many people would end up underwater or lose most of their savings - this is a huge political issue. But on the other hand, the bubble cannot continue indefinitely, because if home prices outstrip inflation and wage growth for too long, eventually nobody will be able to purchase a house at all - this is the economic issue. This is not only happening in the US but also many other Western countries and in countries like China (exacerbated by their lack of investment vehicles).