Part of what drove housing price escalation was supply constraints. Housing starts tanked during the early 90s and climbed back out much slower. Lower interest

Part of what drove housing price escalation was supply constraints. Housing starts tanked during the early 90s and climbed back out much slower. Lower interest rates opened up housing affordability to more people, but supply constraints kept prices high. So those who already had home equity were able to sell for a profit and buy bigger. New entrants weren't so lucky.