Not only that, but those governments also subsidize things like 30 year fixed rate mortgages with government guarantees. So not only is there more money burnin

Not only that, but those governments also subsidize things like 30 year fixed rate mortgages with government guarantees. So not only is there more money burning a hole in people's pockets, the artificially low rates create massive leverage. I wager that if home buyers had to convince private hard-money lenders to give them 30 year mortgages the rates may increase. (Imagine if houses were denominated in gold)