Treating all of the US (or any country) as one housing market is also a mistake. As wealth and economic opportunity concentrate in certain areas, I would expect some places to crash, some to stagnate, and a few to keep rising. Right now, there’s quite a few states and vast swaths of regions with lower housing prices than ever before, or housing prices that don’t move up (upper midwest and northeast come to mind). And then there are places that not only held their own in the last recession, but have doubled and more.