[ska]

In many places there was a pretty serious correction in 2008, no?

Bubble doesn't mean "pops and value goes to zero". It means something more like overvalued asset class that can lose value rapidly. If there is intrinsic value, it won't got to zero. Nobody imagines that of a real estate market outside scenarios that include major wars, etc.

House prices with any sort of scarcity are largely driven by peoples ability to pay (i.e. finance the debt).

[stjohnswarts]

Yep, I got my house at almost 30% off it's new price and now it is worth 4x what I paid for it in 2009