The fundamental this time will be different, not from NINJA loans (the loan standard is so tight now a lot of bids have to be at least 30% down or more to justify). Today's loan is from stock market cash out money and large commercial holding (because money has no where to go and the easy long term holding is SFH if you have the horizon to hold for it).With the fleeing from California to states like Utah, Nevada, Arizona, etc., I find this statement hard to believe. EVERYTHING I HAVE READ says demand is vastly out pacing inventory and the fundamentals on a real estate bubble just isn't there. A consequence of (post COVID) you can work from home anywhere you want to relocate as long as you have an Internet connection.
FYI the 3M+ market in our area has cooled off a bit after the recent stock correction, not yet collapsed but it seems like the top buyers are cashing out stock to pay for their houses.
The bubble to pop for sure is NFT and crypto, but what else, and when, and where (i.e. 97 is Asia, last year was Turkey, 01 was Japan, etc).