Can't speak for the US, but here, the mentality was always "trending up with highs and lows" which caused people to believe waiting was better after several yea

Can't speak for the US, but here, the mentality was always "trending up with highs and lows" which caused people to believe waiting was better after several years of increases, not the idea that housing didn't appreciate in the long term. Along with record appreciation, people didn't just think it would crash eventually, but it was downright necessary for most to buy.