Not sure why you're getting downvoted. This is absolutely a cause. Anecdotally, my parents did well during the recession using it as a time to purchase assets

Not sure why you're getting downvoted. This is absolutely a cause. Anecdotally, my parents did well during the recession using it as a time to purchase assets "on sale" as my dad put it. Now, 10 years later they've done well on everything they bought, and are seeking new places to put their money. They've had success with real estate their whole lives and see no reason to change what works. As a result they are buying anything they can collect rents from. The cycle continues.