I wouldn't say comparing the housing prices is an orange to orange comparison to 2007 era housing price spike and it's subsequent collapse. The problem is MBS h

I wouldn't say comparing the housing prices is an orange to orange comparison to 2007 era housing price spike and it's subsequent collapse. The problem is MBS had a form of circuit breaker that verged on national default rate. But this time, housing prices aren't backed by some form of tradable derivative. People and funds are actually buying houses directly. I think people are still making payments on the houses they have bought. But most surprisingly houses are being bought by mega hedge funds like Blackrock and what not. There is no circuit breaker for that. Also in NA and EU zones particularly in Canada, I believe money launderers buy up properties outcompeting and outbidding local investors. I also I firmly believe that, we are living in a post-scarcity economy where economic logic fails, people buy up stuff regardless of its future economic outcome.