Why Didn’t We Get a Housing Bubble?

In the spring of 2021 I wrote a blog post titled Why This is Not Another Housing Bubble. The reasons I gave at the time were pretty straightforward: There were more creditworthy borrowers. Supply was constrained. Consumer balance sheets had improved. Affordability was far worse in other countries. Demographics were favorable. When I wrote that piece the Case Shiller National Home Price Index was up 16% in total for the ...