No, we aren’t 5 years into a hollow “expansion” like the post-2001 one. People who only look at aggregate figures and headline institutional failures, and ignore distributional facts of the preceding context, simply cannot begin to understand anything about what was going on in the Great Recession.
Consumption, job creation, and wages are still going up (on average). Most appreciating real estate is in high-demand urban centers where construction can't/doesn't keep up.
On top of that, a lot of older people are realizing the equity in their homes or their stocks, and they can buy in cash.
In that environment, you expect high home prices and high debt (as people assume their income will keep rising).