Great summary. After the crash of 2008, when housing prices in places like Vegas were 50% of peak, condos in Miami went for $30k, the story was always doom and gloom.

I knew a few people who took a gamble and bought up real estate and made out like bandits. At the time people thought they were nuts.

Humans suffer a lot from recency bias - whatever has happened for the past 5 years will continue forever.