There was actually concern about the housing prices for a while. There were also many guests on MSM TV shows who talked about the meteoric rise in housing price

There was actually concern about the housing prices for a while. There were also many guests on MSM TV shows who talked about the meteoric rise in housing prices. However, what you missed is the fact that the housing bubble lasted for a good decade or so. Bubbles aren't necessarily hidden and unknowable. The problem with bubbles is element of timing. People can spot an abnormal increase in asset prices, but predicting the timing of the reversal is impossible. After a while, some people thought that the housing price increase was a paradigm shift towards more housing (i.e. a natural phenomenon because the price increases were seemingly sustained.