The 2008 crisis is a result of liar loans where anyone can claim any bogus income and the banks just looked the other way, provided they are able to charge you their fees. They knew it as well as the legions of wanna be homeowners without the financial resources to actually, buy a house. Now in 2022, it is a whole different ball of wax. Banks are more hesitant to loan monies to buy a house except, if you have the income to back up your application. Still, you have homebuyers wanting a house badly, paying way about market to get that house they absolutely, want. A lot of them would overpay but, does not matter, they probably, have enough monies to pay their mortgages and will live in the house so, why does it matter? I do not think it does and I do not think there will be mass foreclosures in the scale of 2008.
I can’t say that I follow economy, but I lived and invested through 2008 crash and remember how it felt. I don’t think we are anywhere close to that. The financial system was in real danger. I remember money market funds breaking the buck (they are supposed to guarantee principle), which was “oh sh*t” moment. People were talking 1929 style depression. We are not even remotely close to this and may never be. Waiting for real estate correction is very unproductive thing to do imho. You may be renting for decades and never buy anything because it’s always “overpriced” Just do whatever makes you enjoy life most and have faith in USA(I know it sounds sarcastic but over long term, you are better off with this attitude both financially and mentally)
I doubt RE will "crash". House prices are high around here (coastal metro), but so are household incomes with $200-300k from two professional salaries being standard. The 2008 bust was caused by NINJA loans and overleveraged small time speculators; today's prices are set by low rates meeting soaring professional-class incomes (see eg AMZN recently doubling max engineer pay) and a dose of institutional real money flowing in via Blackrock et al scooping up rentals. IMO house prices will level out as rates rise a bit, then resume marching up in a year or two once the free-money train gets going again.
FreedieMac 30 year mortgage rate 2008 FreedieMac 30 year mortgage rate 2022 Easy to see back then it was all about NINJA loans, not necessarily relatively (to prior years) low rates and now it is all about relatively (to prior years) high and heading higher, much higher rates.