The reason everything went to shit in the 00s (I think? Time has no meaning) is because of banks and predatory lending. We are increasingly seeing that with the current interest rates and house prices but there is a big difference.
When the market crashed then? The banks were stuck with a shit ton of houses nobody wanted.
Now? Plenty of people have been saving up and will gladly buy the houses at a slight discount. And real estate firms and increasingly corporate hellscapes will buy them at slightly lower discounts.
That is more or less what we saw over the few years of “the good old days”. House prices kept exploding and pricing more and more people out. But those people continued to save and would then start trying to buy a smaller house or take advantage of a better interest rate and so forth.
As for those interest rates:
Yeah, it is fucking insane right now and I am REAL glad I got in while the getting was good. And this is a big issue in me waiting to get an EV.
But… the real insanity was the past few years. Check any website that tracks rates over time. The late 10s and early 20s were an anomaly. The current rates are a lot closer to the historic rates.
Which just gets back to pricing and… again, companies and people with inheritances will keep paying that.