Crashed in the 70s, late 80s 2007 and will probably do it again. They have had extreme appreciation without major job creation. Interesting enough they are the same markets where 2nd and 3rd homes are common

One major factor that will affect housing is the baby boomers downgrading, selling their second/summer houses. They will also start to cash out all investments for cash as they won’t be able to tolerate any loses. Traditionally this was a move to bonds, but with rates so low it is expected to go to cash. The great funding of building everything across the world has just a year left. That is not my idea, but from economic demographics